ENERGY BRIEFS

ENERGY BRIEFS

FINNISH COMPANY PLANS

MALAYSIAN VENTURESKUALA LUMPUR, Malaysia - Finland's state oil company Neste Oy plans to increase its business activities in Malaysia, including ventures in oil exploration and shipping and investments in petrochemical projects, the Business Times newspaper reported here last week.

"This region is seeing an increase in oil-related activities and Neste is also stepping up its presence," Kari Helenius, regional director, was quoted as saying. The company's regional office in Kuala Lumpur opened early this year.

Neste is involved in two joint-venture petrochemical projects producing methyl tertiary butyl ether, propylene and polypropylene. The projects cost $310 million and are in Kuantan in the state of Pahang.

Mr. Helenius said Neste has signed a letter of intent with a local company to set up a $20 million plant in Sarawak to produce formaldehyde-b ased adhesives.