August 12, 2012 [Fox Business] - MISC Bhd, the world's largest operator of liquefied natural gas carriers by fleet size, said Friday that it has terminated a shareholder agreement with China Aviation Oil (Singapore) Corp. to develop an oil storage tank terminal.
In 2011, MISC, through its 45%-owned unit Centralised Terminals Sdn Bhd, signed an agreement with China Aviation to set up a company to build the facility in Malaysia’s southern state of Johor with a storage capacity of 380,000 cubic meters.
Dialog Group Bhd owns the remaining 55% in Centralised Terminals.MISC said the termination was mutual as not all conditions were fulfilled within the required timeframe. However, it didn’t elaborate on the conditions that they failed to meet.
Centralised Terminals and China Aviation will “continue to explore other suitable collaboration opportunities in the region,” MISC said in a statement to the Malaysian stock exchange. It didn’t elaborate further.
