Vitol Tank Terminals International B.V. (“VTTI”), part of the Vitol Group, entered into a joint venture agreement today with MISC Berhad (“MISC”) to incorporate a joint venture company on an equal partnership basis. The joint venture company, Asia Tank Terminal Limited, will hold 100% equity interest in an oil terminal in Tanjung Bin, located in south-west Johor, Malaysia.
The terminal company, ATT Tanjung Bin Sdn. Bhd. executed a long-term lease agreement with Seaport Worldwide Sdn. Bhd. in September 2008 for 50 hectares of land at the Tanjung Bin Petroleum and Maritime Industry Centre. The terminal company will design, construct, commission and operate a 741,200 cbm terminal for storage of fuel oil, middle distillates and light distillates.
Signing on behalf of VTTI was its CEO, Mr. Rob Nijst and on behalf of MISC was its President/CEO, Mr. Amir Hamzah Azizan.
The terminal, subject to receiving the necessary approvals by the relevant Malaysian regulatory authorities, is anticipated to commence operations in April 2012.
More details on the Vitol group can be found on www.vitol.com. More details on VTTI can be found on www.vtti.com.
Contact Person for MISC: Mdm. Fiona Clare Pereira; General Manager, Corporate Affairs Department, MISC Berhad. E-mail: fclarepe@miscbhd.com