MMC, Vitol ink RM1b oil terminal pact
MMC Corp Bhd, a power producer and port operator, has managed to attract a RM1 billion investment from Dutch energy trading house Vitol.
Vitol Terminals BV will invest in an oil terminal that will be located in Tanjung Bin, Johor, which is also within Iskandar Malaysia, a special economic zone.
"This is a significant progress to ... long-term plans to develop the area into a new growth area for marine activities," MMC chief executive officer Hasni Harun told reporters in Kuala Lumpur yesterday.
MMC is currently in talks with at least 10 foreign companies to invest in the Tanjung Bin Petroleum and Maritime centre.
The centre has a total development area of 890ha, with the first phase covering 320ha.
Yesterday, MMC wholly-owned unit Seaport World Wide Sdn Bhd (SWW) signed an agreement with ATT Tanjung Bin Sdn Bhd, a unit of Vitol Terminal.
ATT will invest RM1 billion to build facilities for an oil terminal with an initial capacity of 750,000 cubic metres.
MMC, through SWW, will have an option to buy a 20 per cent interest in the project.
"ATT will construct between five and 12 berths in phases, and marine jetties which can handle various-sized tankers of between 25,000 and 180,000 deadweight-tonnes and single-buoy moorings capable of handling VLCC's (very large crude carriers)," Vitol chief executive officer Rob Nijst said.
Nijst said the company plans to expand the terminal capacity to 1.2 million cu m in future.
Vitol Terminals BV will invest in an oil terminal that will be located in Tanjung Bin, Johor, which is also within Iskandar Malaysia, a special economic zone.
"This is a significant progress to ... long-term plans to develop the area into a new growth area for marine activities," MMC chief executive officer Hasni Harun told reporters in Kuala Lumpur yesterday.
MMC is currently in talks with at least 10 foreign companies to invest in the Tanjung Bin Petroleum and Maritime centre.
The centre has a total development area of 890ha, with the first phase covering 320ha.
Yesterday, MMC wholly-owned unit Seaport World Wide Sdn Bhd (SWW) signed an agreement with ATT Tanjung Bin Sdn Bhd, a unit of Vitol Terminal.
ATT will invest RM1 billion to build facilities for an oil terminal with an initial capacity of 750,000 cubic metres.
MMC, through SWW, will have an option to buy a 20 per cent interest in the project.
"ATT will construct between five and 12 berths in phases, and marine jetties which can handle various-sized tankers of between 25,000 and 180,000 deadweight-tonnes and single-buoy moorings capable of handling VLCC's (very large crude carriers)," Vitol chief executive officer Rob Nijst said.
Nijst said the company plans to expand the terminal capacity to 1.2 million cu m in future.