Pristine Oil (Malaysia), an oil and gas consultancy firm, will invest RM1.8 billion (372 million) to build Malaysia's first crude storage complex.
The Kedah crude storage complex in Yan, Malaysia, will serve the Straits of Malacca tanker traffic.
Work on the site will begin in 2008, and is due for a 2010 completion. The complex will be built on a 100ha site at the Yan Petroleum Industry Zone, with a planned 52 crude storage tanks amounting to total capacity of 1 million tonnes.
Siemens Malaysia will build the complex. The company will also help to develop Pristine Oil's electrical, fire protection and security, water and waste water systems for the storage complex.
Pristine Oil is negotiating with Royal Vopak for custom. Its first customer is Turkish company Alarco.