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BANDAR SERI BEGAWAN, Brunei, Jan. 25 (UPI) -- Malaysian giant TRC Synergy expects to make more investments in oil and gas.
Its wholly owned unit TRC Energy plans on acquiring stakes and putting capital into smaller oil and gas companies this year. The company's foray into the oil and gas sector was through the acquisition of a 26 percent equity interest in Brunei-based PetroBru.
"We are scouting for downstream related companies that have good growth prospects and are currently talking with a few local companies," said TRC Executive Director Datuk Abdul Aziz Mohamad.
TRC Energy's downstream activities include oil refineries, petrochemical plants, petroleum product distribution, retail outlets and natural gas distribution.
Aziz said the financing for the investments would come from internally generated funds and if needed, external loans.
Through its investment in PetroBru, the firm will build an oil refinery in Brunei, and Aziz said he expected the unit to contribute to earnings from 2010.
Construction of the oil refinery is expected to cost between $1.5 billion and $3.5 billion and could begin in two years upon completion of feasibility studies and final approval from the Brunei government.
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