ASIA

Mahathir flags rival for Petronas

In his final Budget 2004 speech, Malaysian Prime Minister Dr Mahathir Mohammad announced that the...

No details were given as to how much resources would be given to the new consortium, or whether it would be given tested areas, but the Prime Minister said, "the government can allow another consortium to undertake the development of marginal fields so as to gain the confidence of other countries."

Analysts - speaking to The Star newspaper - believe that such an announcement will benefit companies like Crest Petroleum Bhd, Scomi Bhd and Petra Perdana Bhd and that this move will allow these three companies to develop. Smaller foreign players are expected to be part of this new consortium as well.

However, all this is dependent upon how much leeway the Malaysian government will give the new consortium.

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