October 6, 2011 [MISC] - International maritime conglomerate, MISC Berhad ("MISC") and Malaysia's leading oil & gas integrated specialist technical services provider, Dialog Group Berhad ("DIALOG"), through its joint venture company, Centralised Terminals Sdn. Bhd. ("CTSB"), on Thursday signed a Shareholders' Agreement with China Aviation Oil (Singapore) Corporation Ltd ("CAO"), the largest physical jet fuel trader in the Asia Pacific region.
The Shareholders Agreement is for the establishment of a joint venture company in Malaysia known as “Langsat Terminal (Three) Sdn Bhd” (“Langsat Terminal Three”), to undertake the design, development, operation, management and maintenance of a 380,000 cbm petroleum products storage tank terminal facility within the vicinity of Tanjung Langsat Port, Johor.
With the signing, CTSB will own a 74% equity stake in Langsat Terminal Three while CAO will own the remaining 26% equity stake. CAO will also enter into a Terminal Usage Agreement with Langsat Terminal Three for the lease of all the capacity of the tankages and related facilities at the Langsat Terminal Three for an initial term of 7 years.
