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February 16, 2009

Malaysia’s Sime says no cost overruns at Qatar project

Malaysian plantations to autos conglomerate Sime Darby denied that an oil and gas engineering project in Qatar had been hit by 800 million Malaysian ringgit ($222.1 million) of cost overruns, reported Reuters

"There is no such thing as 800 million ringgit losses," company President and Chief Executive Ahmad Zubir Murshid told reporters, according to the Star newspaper on Monday.

A blog called Sime Darby Watch ( reported that there had been cost overruns in the 2.1 billion ringgit project.

Ahmad Zubir said that the project was on track for completion by the end of March.

On April 16 last year Sime denied reports that there had been cost overruns of between 120-150 million ringgit on the Qatar project.

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