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Thursday, 8 December 2011

Rotary, Msia's Benalec in deepwater oil storage terminal jv


Benalec Holdings Berhad and Rotary Engineering Limited jointly announced today the signing of a Memorandum of Understanding (MOU) to develop an independent deepwater storage terminal for oil products in Tanjung Piai, south-western tip of Johor, Malaysia.

With an initial capacity of 1 million cubic metres, with subsequent phases to increase capacity to 3 million cbm on the total reclaimed land area of 250 acres, the proposed terminal will be a petroleum storage facility for storing, blending and distributing crude oil and its derivatives.

The integrated storage facility will be completed with deepwater jetty facilities capable of handling very large crude carriers (VLCCs).

The two companies will jointly embark on a technical feasibility study, after which they will form a joint venture company by participating in taking equity ownership and development of the first 1 million cubic metres oil storage terminal as well as other terminal projects.

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