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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