Vopak Signs MoU With Dialog Group To Develop Oil Storage Terminal In Malaysia

Published: 20-Jul-2009

By: Staff Writer Staff Writer Staff Writer

Royal Vopak (Vopak), a tank terminal operator, has signed an memorandum of understanding (MoU) with Dialog Group Bhd (Dialog Group). Both the companies will jointly study the feasibility to develop an independent storage terminal for oil products in Pengerang, Johor in southern Malaysia. The MoU enables Vopak to become a strategic business partner in the equity ownership and development of the deepwater storage terminal.

The proposed terminal in the south-eastern Pengerang district will have an initial storage capacity of 1.4 million cubic meters (cbm). The terminal will be a tank facility for storing, blending and distributing crude oil and oil products with port facilities capable of handling very large crude carriers. Ultimately, there is an area of 200 hectares available for the development of a deepwater storage terminal for oil products.

If the findings of the feasibility study turn out to be positive, the companies will form a joint venture company that will partner with the State government of Johor Darul Ta’zim and the State Secretary, Johor (Incorporated) to undertake the development of the terminal. This follows a MoU signed on June 8, 2009 between Dialog Group, the State government of Johor Darul Ta’zim and the State Secretary, Johor (Incorporated).

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