The Qatar Investment Authority (QIA) plans to commit US$ 5 billion investment in the Pengerang Integrated Petroleum Complex located in the southern state of Johor in Malaysia.
On his visit to Malaysia, the vice-chairman of QIA’s global investment house-Qatar Holdings LLC (QH), Mr. Hussain Ali al-Abdulla told reporters that initially the authority is planning to make an investment of US$ 5 billion in the petrochemical complex and gradually increase it to US$ 10 billion in different sectors.
The Pengerang Integrated Petroleum Complex will be operational by 2016. With the help of this project, the Malaysian companies will be able to participate with local and foreign investors to invest in new technologies, new products as well as create countless job opportunities.
QH strives to achieve long term returns on assets to benefit the Qatar and to diversify its economy.
QIA is a sovereign wealth fund that invests domestically and internationally to curtail dependence on energy price volatility.
