The Vitol Group, a global crude oil trader, has announced the signing of an agreement with Seaport World Wide, pursuant to 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 an initial capacity of 750,000 cubic meters.
The project will include the construction of numerous jetties and other marine facilities, enabling the terminal to handle all tanker sizes up to the larger very large crude carriers.
The investment for the first phase is expected to be at least $300 million. The strategic location of Tanjung Bin in relation to navigational routes, shipping anchorages and the regional pricing center is expected to 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 in the United Arab Emirates, together with projects nearing completion in Nigeria and the US.