ConocoPhillips, Eastman Chemical To Invest $5.35 Billion In Malaysia - Report

Date : 05/19/2012 @ 11:33AM
Source : Dow Jones News
Stock : Conocophillips (COP)
Quote : 42.61  -0.04 (-0.09%) @ 4:51PM

ConocoPhillips, Eastman Chemical To Invest $5.35 Billion In Malaysia - Report

Conocophillips (NYSE:COP)
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ConocoPhillips (COP) is expected to make an additional $5 billion investment to ramp up its operations in Malaysia, the New Straits Times daily reported Saturday citing Malaysia's Prime Minister Najib Razak.

The oil giant had invested $1.5 billion so far in three deepwater blocks offshore of Sabah state where production will start next year and hit a peak of 300,000 barrels of oil a day by 2016, the daily reported.

The paper also reported that Eastman Chemical Co. (EMN) is looking to increase its investment by $350 million on its polyester plastics plant in Pahang state.

Newspaper website: http://www.nst.com.my

-By Kuala Lumpur bureau; Dow Jones Newswires; 603-2026-1233; djnews.kldowjones.com

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