Dubai World reviewing oil project: MMC
Kuala Lumpur, May 28, 2009
Malaysia's MMC Corporation, a major investment holding company, has said its partner Dubai World was reassessing a plan to jointly build a multi-billion ringgit petroleum hub in the Southeast Asian nation.
Dubai World is the investment arm of the Dubai government.
'Dubai World is currently assessing options with respect to their interest in the maritime centre masterplan ....given the current economic situation in Dubai,' said MMC in a filing with the stock exchange.
MMC in 2007 said the cost of the maritime centre project, which will include a petroleum and industrial zone, was estimated at 16 billion ringgit ($4.56 billion). – Reuters