Sinopec to Develop Malaysia Oilfield

China Petrochemical Corp or Sinopec Group, will have a 40% stake in a consortium to undertake the development of a marginal oilfield in Malaysia, according to China Knowledge report.

Sabio Oil and Gas Sdn Bhd, a unit of Sabio Technology Bhd, will hold a 30% stake in the consortium, while the remaining 30% equity interests will be owned by International Oil Design and Construction Sdn Bhd.

The marginal oilfield, which is owned by Malaysian state-owned Petroliam Nasional Bhd, will cost between US$400 million and US$700 million, said Mustapa Mohamad, minister of Malaysia's International Trade and Industry.