Chennai, Jan 22 (IANS) City-based SVS Engineering group, which is scouting for investors for the proposed $4 billion petroleum refinery (annual capacity 10 million tonnes) at Perak in Malaysia, signed an agreement with the state Friday, a top official said.
The group’s Malaysian associate SVL Oil and Gas SDN BHD signed a Memorandum of Understanding (MoU) with Perak State Development Corporation, Malaysia, here in the presence of Perak’s Chief Minister Zambry bin Abdul Kadir.

“The refinery is expected to be completed mid of 2014. We are talking to several potential investors. Our minds are not closed on the kind of equity holding pattern,” J.V.V. Satyanarayana, president, SVL Group told reporters here.

He said the project will be allotted 1,500 acre land near the port in Perak.

According to Satyanarayana, the group is associated with the 17.5 million tonne per annum Merapoh refinery project in Malaysia as project management consultancy assistance and is also involved in finalising the refinery configuration.

“We are also jointly promoting a 160MW power project for the refinery,” he added.

For the Perak refinery, Satyanarayana said the debt:equity ratio will be 3:1.