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Wednesday, 18 June 2008

Qatar Islamic Bank eyes funding USD5 bln Malaysia refinery

DUBAI, June 14 (Reuters) - Qatar Islamic Bank QISB.QA has agreed to study a plan to raise funds for a $5 billion refinery and petrochemicals project in Malaysia, the bank said on Saturday.
Under an initial agreement signed with a Malaysian unit of Gulf Petroleum Ltd, Qatar Islamic "would study and eventually lead a consortium of banks and financial institutions to arrange the funding covering both financing and equity elements of the project", the bank said in a statement.
Qatar-based Gulf Petroleum Ltd in April secured Malaysian regulatory approval to develop the complex in the northern state of Perak.
The project will also include a petroleum terminal, said the Qatari bank, which already has a subsidiary in the country.
Gulf Petroleum is leading a consortium of Gulf banking and energy firms to build the complex, intended to serve as a regional hub for its Asia-Pacific activities, the company has said.
Gulf Petroleum's shareholders include members of the Qatar royal family, the Qatar General Insurance and Reinsurance Company QGIR.QA, Al-Mana Group, National Petroleum Group and the banking arm of Al-Sari group, it said in March.
Gulf Petroleum has said it aims to invest between $1.5 billion and $2 billion in the project's first phase to build an oil refinery of capacity between 100,000 barrels per day and 150,000 bpd. Qatar is the world's top producer of LNG.

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