15 July 2009 08:24 [Source: ICIS news]
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SHANGHAI (ICIS news)--Major oil and gas producer China National Petroleum Corp (CNPC) is in talks to acquire a stake in the $10bn (€7.2bn) refinery that would be built in Kedah, Malaysia, the South China Morning Post reported on Wednesday citing unnamed sources.
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CNPC is also expected to seal today a multi-billion dollar agreement with Merapoh to procure fuel supply from this Kedah refinery over 20 years, the South China Morning Post said.
ICIS news could not confirm the report with CNPC and Merapoh.
In late 2007, CNPC had signed a memorandum of understanding to purchase all the refinery’s products including petrol, diesel and kerosene. At the time, Merapoh estimated the deal would be worth $6bn a year, the newspaper said.
Last week, CNPC’s listed unit PetroChina has secured government approval to acquire 49% of the
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