In Malaysia, investment holding company Benalec Holdings Berhad and EPC service provider Rotary Engineering have signed a memorandum of understanding (MoU) to build a deepwater storage terminal in Tanjung Piai.
Speaking about the storage terminal’s location, Vincent Leaw, managing director of Benalec Holdings Berhad, says: ‘Tanjung Piai is very well positioned to completement the region’s growth in the oil and gas industry, and to tap on the growing demand for the storage and distribution of petroleum and petrochemical products in Asia.’
The facility, to be built on 250 acres of land, will be able to store 3 million m3 of crude oil and other petroleum products when construction is completed. Phase 1 of the development includes the construction of 1 million m3 initial capacity.
In addition to storage the terminal will also blend and distribute crude oil and its derivatives.
The integrated, independent storage facility will be also feature a deepwater jetty facility, capable of handling very large crude carriers (VLCCs).
Following the completion of a technical feasibility study, both companies will develop a joint venture firm.