Piling work has begun for the Asia Petroleum Hub (APH) bunker complex on Tanjung Bin island off the Port of Tanjung Pelepas (PTP) in Malaysia.
APH chief operating officer and group executive director Wan Mohd Nasim Wan Abd Kadir told Bunkerworld the project was "progressing according to schedule."
Nasim said the target for completion by end-2009 would be met, and that following "a few months for commissioning" it would be operational in 2010.
Nasim also confirmed that no new shareholders had come on board. He said more details of the project would be given on June 12 during an on-site (Tanjung Bin) presentation.
APH is 75% owned by Malaysia-based KIC Group, with private financial investment firm Trek Perintis Sdn Bhd taking 20% and the remaining 5% being held by Teori Selatan Sdn Bhd.
Abdul Rashid Mohd Isa Al-Qadiry, chief executive officer of KIC, told Bunkerworld last September that Seaport Terminal Sdn Bhd, which had earlier wanted a 35% stake in APH, has backed out.
Seaport Terminal owns and manages PTP and is a private firm 70% controlled by MMC Corporation Berhad and 30% owned by A.P. Moller-Maersk A/S.
The APH terminal is expected to handle over 30 million metric tonnes (mt) of petroleum products a year.
The project calls for some one million cubic metres (m³) of onshore storage capacity and 330,000 m³ of offshore capacity.
The cost of the project has been estimated at $400 million (RM1.4 billion ).
Construction work on the project was briefly halted last year due to a dispute over shareholdings.
APH chief operating officer and group executive director Wan Mohd Nasim Wan Abd Kadir told Bunkerworld the project was "progressing according to schedule."
Nasim said the target for completion by end-2009 would be met, and that following "a few months for commissioning" it would be operational in 2010.
Nasim also confirmed that no new shareholders had come on board. He said more details of the project would be given on June 12 during an on-site (Tanjung Bin) presentation.
APH is 75% owned by Malaysia-based KIC Group, with private financial investment firm Trek Perintis Sdn Bhd taking 20% and the remaining 5% being held by Teori Selatan Sdn Bhd.
Abdul Rashid Mohd Isa Al-Qadiry, chief executive officer of KIC, told Bunkerworld last September that Seaport Terminal Sdn Bhd, which had earlier wanted a 35% stake in APH, has backed out.
Seaport Terminal owns and manages PTP and is a private firm 70% controlled by MMC Corporation Berhad and 30% owned by A.P. Moller-Maersk A/S.
The APH terminal is expected to handle over 30 million metric tonnes (mt) of petroleum products a year.
The project calls for some one million cubic metres (m³) of onshore storage capacity and 330,000 m³ of offshore capacity.
The cost of the project has been estimated at $400 million (RM1.4 billion ).
Construction work on the project was briefly halted last year due to a dispute over shareholdings.