Twenty-four new storage tanks and an extra berth are set to be added to the Pengerang Independent Terminals Sdn Bhd (PITSB) in Pengerang, Johor in southern Malaysia.
Royal Vopak and its JV partners (Dialog 45.9%; Vopak 44.1%; State Government of Johor Darul Ta’zim 10%) are planning to expand their clean petroleum products storage capacity by 430,000 cbm meaning the facility will eventually have a capacity of 1.7 million cubic meters. The project is expected to be commissioned progressively from Q1 2019.
The Pengerang region is located at the southeastern-most tip of Johor, along the international shipping routes and is part of the Singapore oil hub, the main oil trading center of Asia, where there is a growing need for storage capacity. PITSB is an approved terminal that can be nominated for Platt’s FOB Straits offers.
PITSB is also connected with pipelines to the industrial terminal Pengerang Terminals (Two) Sdn Bhd (PT2SB) which will be serving the new world-scale refinery and petrochemical complex currently under construction: the Refinery and Petrochemical Integrated Development – commonly known as RAPID. Vopak has a 25% share in this industrial terminal.
This expansion of PITSB is aligned with Vopak’s strategy to invest in strategic hub locations. The growing need for new storage capacity for clean petroleum products is amongst others based on Asia’s growing structural need for gasoline and jet fuel as well as the growing need for low sulphur diesel/gasoil as a result of the global low sulphur requirement for shipping (active by 2020) as set by the International Maritime Organisation (IMO).
For more information visit www.vopak.com
21st August 2017