MISC, Vitol ink deal to build oil terminal
MISC Bhd, the world's single largest owner and operator of liquefied natural gas tankers, signed a pact on Wednesday to jointly build an oil terminal at Tanjung Bin, Johor, with Vitol Tank Terminals International BV (VTTI), reported Malaysia's Business Times.
The oil terminal, which is still subject to approval by relevant Malaysian regulatory authorities, is expected to start operations in April 2012, with a base capacity of 741,200 cu m.
Under the deal, MISC subsidiary MISC International (L) Ltd, and VTTI Tanjung Bin SA (VTTI SPV), will incorporate an equally-owned joint-venture company called Asia Tank Terminal Ltd (ATTL) in Bermuda to build, commission and operate the oil terminal.
VTTI SPV is a subsidiary of VTTI, which is part of the leading international energy trading group, tol.
Upon completion of the incorporation and share subscription exercise, ATTL will wholly own ATT Tanjung Bin Sdn Bhd (ATB), which holds a 30-year land lease agreement with Seaport Worldwide Sdn Bhd of a 50ha site at the Tanjung Bin petroleum and maritime industry centre.
'Through it (ATB), (ATTL will) design, construct and operate the oil terminal,' MISC said in a statement on Wednesday.
Vitol Asia Pte Ltd will be the key customer at the ATB oil terminal. MISC said that ATTL will enhance the company's service offerings and support its strategy to expand its business across the value chain by providing integrated services in the form of logistics support together with its core shipping operations.
The signing of the agreement took place in Kuala Lumpur on Wednesday. Signing on behalf of MISC was its president and chief executive Amir Hamzah Azizan, while VTTI was represented by chief executive Rob Nijst.
The oil terminal, which is still subject to approval by relevant Malaysian regulatory authorities, is expected to start operations in April 2012, with a base capacity of 741,200 cu m.
Under the deal, MISC subsidiary MISC International (L) Ltd, and VTTI Tanjung Bin SA (VTTI SPV), will incorporate an equally-owned joint-venture company called Asia Tank Terminal Ltd (ATTL) in Bermuda to build, commission and operate the oil terminal.
VTTI SPV is a subsidiary of VTTI, which is part of the leading international energy trading group, tol.
Upon completion of the incorporation and share subscription exercise, ATTL will wholly own ATT Tanjung Bin Sdn Bhd (ATB), which holds a 30-year land lease agreement with Seaport Worldwide Sdn Bhd of a 50ha site at the Tanjung Bin petroleum and maritime industry centre.
'Through it (ATB), (ATTL will) design, construct and operate the oil terminal,' MISC said in a statement on Wednesday.
Vitol Asia Pte Ltd will be the key customer at the ATB oil terminal. MISC said that ATTL will enhance the company's service offerings and support its strategy to expand its business across the value chain by providing integrated services in the form of logistics support together with its core shipping operations.
The signing of the agreement took place in Kuala Lumpur on Wednesday. Signing on behalf of MISC was its president and chief executive Amir Hamzah Azizan, while VTTI was represented by chief executive Rob Nijst.