KUALA LUMPUR: DIALOG GROUP BHD [] has inked a joint venture agreement to undertake the first phase portion of the design and development of the independent deepwater petroleum terminal at Pengerang, Johor with onshore facilities, topsides, harbor port, jetty and other marine facilities.
In a statement June 1, Dialog said its wholly owned unit Dialog Pengerang Sdn Bhd had entered the agreement with Vopak Terminal Pengerang BV to form a JV company, Pengerang Terminals Sdn Bhd, in which Dialog will have a 51% stake and the balance held by Vopak.
Vopak is part of the Royal Vopak group.
Dialog Pengerang will invest an initial RM10.2 million in the JV company for its 51% stake while Vopak will invest RM9.8 million.
Pengerang Terminals will invest in a special purpose vehicle, Pengerang Independent Terminals Sdn Bhd and hold a 90% stake, with the remaining 10% held by the State Secretary, Johor (Incorporated).
Dialog said the first phase terminal would have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
This storage capacity is capable of being expanded by an additional 1 million cbm in the future within first phase.
'The terminal will have six vessel berths in the initial phase.
'This independent deepwater petroleum terminal will provide storage, blending and distribution services for oil products and will be capable of handling ultra large crude oil carriers,' it said.
Dialog said the JV would pave the way for it and Vopak to strategic business partners in the equity ownership and development of the project.
'With Dialog's expertise in tank terminal development and Vopak's strength in specialising in the storage and handling of liquid and gaseous chemical and oil products, the strategic alliance between the two parties is to enhance the development of the independent deepwater petroleum terminal in Pengerang, Johor,' it said.
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In a statement June 1, Dialog said its wholly owned unit Dialog Pengerang Sdn Bhd had entered the agreement with Vopak Terminal Pengerang BV to form a JV company, Pengerang Terminals Sdn Bhd, in which Dialog will have a 51% stake and the balance held by Vopak.
Vopak is part of the Royal Vopak group.
Dialog Pengerang will invest an initial RM10.2 million in the JV company for its 51% stake while Vopak will invest RM9.8 million.
Pengerang Terminals will invest in a special purpose vehicle, Pengerang Independent Terminals Sdn Bhd and hold a 90% stake, with the remaining 10% held by the State Secretary, Johor (Incorporated).
Dialog said the first phase terminal would have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
This storage capacity is capable of being expanded by an additional 1 million cbm in the future within first phase.
'The terminal will have six vessel berths in the initial phase.
'This independent deepwater petroleum terminal will provide storage, blending and distribution services for oil products and will be capable of handling ultra large crude oil carriers,' it said.
Dialog said the JV would pave the way for it and Vopak to strategic business partners in the equity ownership and development of the project.
'With Dialog's expertise in tank terminal development and Vopak's strength in specialising in the storage and handling of liquid and gaseous chemical and oil products, the strategic alliance between the two parties is to enhance the development of the independent deepwater petroleum terminal in Pengerang, Johor,' it said.
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