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Samsung reported to be investing in new Malaysian yard

Samsung reported to be investing in new Malaysian yard

Seoul: Samsung Heavy Industries is to invest in a new yard to the south-east of Johor in Malaysia, local media reported.

The company last year visited Teluk Ramunia and identified an area there for its shipyard.

Samsung Heavy is the second-largest shipbuilder in the world with its main activities in shipbuilding, offshore floaters, digital devices for ships, and construction and engineering concerns.

The company operates manufacturing facilities at home and abroad, including shipping block fabrication factories in Ningbo and Rongcheng in China.

Teluk Ramunia and Pengerang would be developed into a regional Oil & Gas hub, with work on the 1,200ha phase one starting at the year-end.

Upon completion, the hub will span over 5,000ha and when fully operational, will create about 10,000 jobs.

Two investors from Qatar and Iran would invest RM16bil and RM30bil respectively to set up their facilities at the hub before 2013 while a local company would invest RM500mil in a fabrication yard.  [03/08/10]