PECD to bid for oil and gas refinery projects in Sudan

Oct 06, 2005 02:00 AM

Construction-based PECD is now in talks with an international partner to bid for oil and gas refinery projects in Sudan worth $ 1 bn, said its group managing director Ramli Ahmad.
PECD already has a presence in Sudan and is currently constructing a marine export terminal located in Port Sudan on the Red Sea coast. Once completed, the marine export terminal will handle the delivery and export of crude oil through a 1,400-km 32-inch diameter crude oil pipeline from the central processing facilities located at the field.
"The oil and gas refinery projects are close to our current project in Sudan," Ramli said.

On the progress of the marine export terminal, he said 90 % of the contribution from the project would be recognised in the company's current financial year ending Dec. 31, 2005. Going forward, PECD was also looking at India for property development projects, especially in New Delhi, Mumbai, Bangalore and Pune, Ramli said. As part of the effort, the company might set up an office in Bangalore, he said.
"We are focusing more on Bangalore because it is a major information technology (IT) city in India," Ramli told. He said PECD has been studying the potential there for the past two years.

As for the financial facility for projects in India, Ramli said there were large and aggressive financial institutions there that PECD could work with. Besides that, PECD has established good relationships with international banks based in Malaysia which also have their presence in India, he added.
PECD announced that its wholly-owned subsidiary, Peremba Construction, through its subsidiary, PC International Ltd (PCIL), has obtained approval from the Oman Chamber of Commerce and Industry for the incorporation of Al Muknah Peremba (AMP).

With the approval, AMP will become a 70 % owned subsidiary of PCIL and an indirect 70 % owned subsidiary of PECD. The remaining 30 % interest would be held by Almest Contracting Company, PECD informed.
AMP, with a paid-up share capital of RM 2,467,254, will carry out its principal activities of developing businesses in Oman's construction and engineering, procurement, construction and commission (EPCC) sectors. Its emphasis will be on providing oil and gas mining supporting services for projects there.

The projects that PECD is currently bidding for included an EPCC job in the oil and gas field in Syria and an office building project in Sudan. Back home, PECD hopes to secure a new job in the second phase of the Kuala Lumpur flood mitigation project as well as some projects from the Ninth Malaysia Plan.
"We are looking forward to see what is in store for the construction sector in the Ninth Malaysia Plan," Ramli said, adding that the company was also waiting for the government's nod for a residential project in Precinct 11, Putrajaya.

On its plans, Ramli did not discount the possibility of the company forming joint ventures in Malaysia as well as overseas for projects worth more than RM 1 bn and undertaking acquisitions, especially to gain engineering capacity. On a possible listing on the Dubai Stock Exchange, he said PECD was studying it.
"The requirement to be listed there is to have a three-year track record and we have it," he added.

PECD had set up its regional office in Dubai last year.
A listing in the foreign market will enhance PECD's financial strength, given that the company aimed to be independent technically and financially.

Source: Bernama
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