Malaysia’s MMC, Sinopec in Sudan oil pipeline deal
KUALA LUMPUR, July 26 (Reuters) – A three-member consortium led by Malaysia’s MMC Corp (MMCB.KL) has won a US$65.6 million contract to build an oil pipeline in Sudan’s Melut Basin, MMC said on Monday.
The consortium, which include China’s Sinopec (SNP.N) (0386.HK) and Oman Construction Co., won the deal from Petrodar Operating Company which is developing two oil reserves – Block 3 and 7 – in Sudan’s southeast, MMC said in a statement.
The project, due to be completed in May 2005, involves laying a 490-km export pipeline for segment B1 of the Melut Basin Development Project.
Petrodar is a venture between China National Petroleum Company International (Nile) Ltd, Petronas Carigali Overseas Sdn Bhd, Sudapet Ltd, Gulf Oil Petroleum Ltd and Al Thani Corp.
Sinopec, Asia’s largest refiner and China’s leading importer of gas oil, holds the majority 41 percent stake in Petrodar.
Petronas Carigali, the overseas exploration arm of Malaysian energy firm Petronas, holds 40 percent, while Sudapet, Gulf oil and Al Thani jointly hold the remaining 19 percent.
MMC shares closed unchanged at 2.02 ringgit ($0.53).