GULF PETROLEUM APPOINTS HAYKALAH AS LEAD FINANCIAL ADVISOR TO M'SIAN PROJECT

KUALA LUMPUR, Oct 13 (Bernama) -- Gulf Petroleum (M) Sdn Bhd (GPLM) has
appointed Saudi investment banking firm HAYKALAH as the lead financial advisor
to its proposed development of an integrated oil and gas complex in Malaysia.

The appointment agreement was signed in Jeddah recently betweeen GPLM
chairman Dr Omar Zuhair Hafiz and HAYKALAH chief executive officer Hisham A. A.
Koshak, GPLM said in a statement Tuesday.

The statement quoted Omar as saying that the signing marked a further major
progress by GPLM in realising the proposed plan to develop the complex which
includes an oil refinery, a petrochemical plant and storage facilities.

He said that since receiving the approval from the Malaysian government last
year, GPLM had finalised negotiations with the landowner for the proposed
project site.

"Execution of a Memorandum of Agreement with consortium members and the
landowner in finalised location in Malaysia is expected to be held by end of
October or early November 2009," the statement said.

GPLM managing director Nor Azmi Abdullah said the company had so far
received proposals from various groups from the member states of Gulf
Cooperation Council, Asia Pacific, Europe and United States including foreign
governments to participate in the project.

Several Memorandum of Understanding and Memorandum of Agreement
have also been signed including with the groups from China and South Korea.

"GPLM is hoping to be able to start the construction works by end of 2009
upon receipt of necessary approvals on Environmental Impact Assessment (EIA) and
Social Impact Assessment (SIA) from the relevant authorities in Malaysia," the
statement said.
-- BERNAMA