Worldwide conglomerate of oil trading and related businessses, the Vitol Group recently signed an agreement with Seaport World Wide Sdn Bhd under which Vitol will lease land to construct an oil terminal in Tanjung Bin, Malaysia. The terminal will be used for blending and storage of crude oil, petroleum and petrochemical products and will have initial capacity of 750,000 cubic metres and will require an outlay of US$300 mln for Phase 1.

The strategic location of Tanjung Bin in relation to navigational routes, shipping anchorages and the regional pricing centre will make this an exciting addition to Vitol’s portfolio of terminals. Vitol’s current portfolio includes storage assets in Latvia, The Netherlands, Russia, Argentina and Fujairah, together with projects nearing completion in Nigeria and the United States.