Energy trader The Vitol Group is beefing up its presence in Asia.
The 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
Vitol Tank Terminals International, part of the Vitol Group, has formed a joint venture with MISC to incorporate a new company, Asia Tank Terminal Limited (ATT).
ATT will hold a 100% equity interest in the oil terminal in Tanjung Bin.
The terminal company will design, construct, commission and operate a 741,200 m3 terminal for storage of fuel oil, middle distillates and light distillates. The plans call for the terminal to begin operations by April 2012, subject to regulatory approval.