KUALA LUMPUR: Petronas Dagangan Bhd (PetDag) has formed a joint venture with three others to build, own and operate a petroleum storage terminal in Bandar Baru Tanjung Manis, Mukah, Sarawak.
PetDag said yesterday it had signed a shareholders’ agreement with three companies, Assar Senari Holdings Sdn Bhd (51%), Sarawak Timber Industry Development Corporation (9%) and Shell Timur Sdn Bhd (20%) for their participation in the JV company Assar Chemicals Dua Sdn Bhd.
PetDag’s initial 20% stake in the JV company will comprise 10,000 ordinary shares amounting to RM10,000 and 40,000 preference shares amounting to RM190,000.
The company said its participation in the JV would strengthen its strategic logistic network to supply petroleum products in the central region of Sarawak.