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2011 August 1   15:01

Malaysia orders 7 oil floating storages to exit Pasir Gudang

Malaysia's government has ordered seven floating storage facilities anchored off the south-eastern port of Pasir Gudang to leave by the end of this month, industry sources said on Monday, Reuters reports. The floating storage facilities have a combined capacity to hold about 1.9 million tonnes of crude or fuel oil.

These players must find alternative homes for their vessels either at nearby Tanjong Pelepas - also a floating storage hub - Indonesia's Karimun island, or in international waters.

Some could destock their cargoes and exit the floating storage market, due to higher costs at the alternative locations, they added.

When contacted, a senior Malaysian government source confirmed the directive, but declined to give details or the reasons for the move.

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