In a statement on Wednesday, the group said Vitol Tank Terminals International B.V. (VTTI), part of the Vitol Group, had formed a joint venture with MISC to incorporate a new company, Asia Tank Terminal Limited (ATT).
The statement said ATT would hold a 100% equity interest in the oil terminal in Tanjung Bin.
“The terminal company will design, construct, commission and operate a 741,200 cubic metre (cbm) terminal for storage of fuel oil, middle distillates and light distillates,” it said.
The plans call for the terminal to begin operations by April 2012, subject to regulatory approval.
MISC said Vitol Asia Pte Ltd would be the key customer at the oil terminal.
Tanjung Bin island is the site of a major bunker terminal , now being built by the Malaysian firm Asia Petroleum Hub Sdn Bhd (APH). Piling work on the project began this year.
The island is close to the port of Tanjung Pelepas (PTP).
Oil storage terminal for southern Malaysia
08.20.2009 - NEWS
The Vitol Group has taken a 50% stake in a project to build an oil terminal, which will include space for fuel oil, at Tanjung Bin in southern Malaysia.
Its partner is MISC Berhad (MISC), a subsidiary of Malaysia's state oil firm Petronas and the country's leading international shipping line.
Vitol Group is one of the largest traders in the world's energy markets.
