Malaysia's Petronas Dagangan , the retail arm of state oil company Petronas PETR.UL, said on Thursday it had taken up a stake in a petroleum storage terminal project in Sarawak on Borneo.
The Malaysian firm said it would own 20 percent of a joint venture set up to undertake the Central Oil Distribution Terminal project, but it did not disclose financial details.
"Petronas Dagangan's participation in the joint venture will further strengthen Petronas Dagangan's strategic logistic network to supply petroleum product in the central region of Sarawak," it said in a filing with stock exchange Bursa Malaysia.
Assar Senari Holdings, a Sarawak-based oil company, would be the controlling shareholder with a 51 percent stake while Shell Timur, a unit of Royal Dutch Shell Plc , would also own 20 percent of the project.
The Malaysian firm said it would own 20 percent of a joint venture set up to undertake the Central Oil Distribution Terminal project, but it did not disclose financial details.
"Petronas Dagangan's participation in the joint venture will further strengthen Petronas Dagangan's strategic logistic network to supply petroleum product in the central region of Sarawak," it said in a filing with stock exchange Bursa Malaysia.
Assar Senari Holdings, a Sarawak-based oil company, would be the controlling shareholder with a 51 percent stake while Shell Timur, a unit of Royal Dutch Shell Plc , would also own 20 percent of the project.