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KNM, Zecon To Manage $5.7B Malay Projects

Gulf Asian Petroleum, partly owned by Abu Dhabi sovereign wealth fund Mubadala Development, is assigning management of projects worth $5.7 billion.

Gulf Asian Petroleum,partly owned by Abu Dhabi sovereign wealth fund Mubadala Development, is assigning management of projects worth $5.7 billion, Reuters reports. Malaysian oil and gas firms KNM Group and Zecon will take over two projects in Johor.

The deal comprises a petroleum refinery worth $5.09 billion and a storage terminal worth $679.67 million in Teluk Ramunia, adds Business Times. The Malaysian company was originally established by the government to develop oil and gas amenities in the state of Johor.

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