Tank storage provider Royal Vopak NV (VPK.AE) said Wednesday it has reached agreement with technical services provider Dialog Group Berhad (7277.KU) to build and operate a new independent storage terminal for oil products in Pengerang, Johor in southern Malaysia.
MAIN FACTS:
- For this purpose a joint venture has been established in which Vopak holds 49%.
- This joint venture will form a partnership with the State Government of Johor Darul Ta'zim, in which the joint venture will hold 90%.
- The decision follows the favorable outcome of the joint feasibility study announced in July 2009.
- The terminal will have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
- This capacity can be expanded by an additional 1 million cbm in the future.
MAIN FACTS:
- For this purpose a joint venture has been established in which Vopak holds 49%.
- This joint venture will form a partnership with the State Government of Johor Darul Ta'zim, in which the joint venture will hold 90%.
- The decision follows the favorable outcome of the joint feasibility study announced in July 2009.
- The terminal will have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
- This capacity can be expanded by an additional 1 million cbm in the future.