Pipelines, Storage & Power

Malaysia suspends pipeline contracts

Malaysia’s Ministry of Finance has issued a notice suspending contracts on two largely unfinished oil and gas pipelines.
By Staff reporter 6 July 2018 0 31639

Malaysia’s Ministry of Finance has issued a notice suspending contracts on two largely unfinished oil and gas pipelines for which the developer has received most of its payment, the ministry said on Friday.

China Petroleum Pipeline Bureau, a subsidiary of China National Petroleum Corp., has already been paid for 88% of the pipelines’ construction contracts, amounting to MYR 9.4 billion ($2.4 billion), even though the work is only 13% complete.