Plummeting oil prices poses challenges for Pengerang to get new investors

Johor Petroleum Development Corp Bhd chief executive officer Mohd Yazid Jaafar at MIDF Amanah Investment Bank Bhd luncheon talk on Wednesday

KUALA LUMPUR: The planners of the multi-billion ringgit oil and gas (O&G) hub in Pengerang, Johor, are finding it difficult to secure investors for its later phases as global players rein in investment plans in light of plummeting oil prices.

“Under the current environment, investors are holding back their investments. It is very tough to find the ‘second’ Petronas (Petroliam Nasional Bhd) to come in to invest more than RM100bil in the Pengerang Integrated Petroleum Complex (PIPC),” said Johor Petroleum Development Corp Bhd (JPDC) chief executive officer Mohd Yazid Ja’afar.