ASEAN KEY DESTINATIONS
Malaysia plans tax breaks for oil, new investments
Prime Minister Najib Razak says state-owned energy firm Tenaga Nasional will invest 4 billion ringgit ($1.3 billion) in 2011 to build two hydropower plants and a coal plant to cater to rising domestic energy demand.
He says a private firm will invest 3 billion ringgit ($968 million) over the next 2 years to develop a regional oil and gas hub.
The government will waive up to 100 percent of taxes on investment in capital intensive petroleum projects, cut tax rates for development of marginal oil fields and waive export duties on oil produced in these fields.
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