Repsol Oil & Gas Malaysia To Invest US$135.13 Mln In Oil Platform And Drilling Well Projects

LABUAN (Malaysia), Feb 8 (Bernama) -- Repsol Oil and Gas Malaysia Ltd is investing about US$135.13 million (RM600 million) for the construction of two oil platforms and in drilling several wells. (US$1 = RM4.44) The platforms are to be constructed at Peninsular Malaysia 3 (PM3) near the border with Vietnam and at Medan Kinabalu off Sabah waters. The company's Communication, Government Relations and Community Senior General Manager Farid Jaafar said the project also includes construction of the drilling well and work will commence at year-end and early next year respectively. He said the projects are expected to generate employment and business opportunities for locals. "Despite the slowdown in the oil and gas sector, Repsol is still expanding due to our commitment and business strategy," he added. Farid told reporters this after presenting the Repsol Initiative and Motivation Awards for UPSR and PT3 Outstanding Students of the Fishermen's Community here Wednesday. He said the company had not implemented any downsizing or staff retrenchment. -- BERNAMA