PETRONAS, VOPAK and Dialog sign agreement to jointly develop an industrial terminal
PETRONAS, Royal Vopak (VOPAK) and Dialog Group Berhad (Dialog) signed the Shareholders Agreement (SHA) to jointly develop an industrial terminal for PETRONAS’ Pengerang Integrated Complex (PIC), the company said in its press release.
The SHA was signed between PRPC Utilities and Facilities Sdn. Bhd. (PRPC UF), a wholly-owned subsidiary under the PETRONAS group, Dialog Equity (Two) Sdn. Bhd. and Vopak Terminal Pengerang BV.
Upon completion, the industrial terminal, developed under the Pengerang Terminal Phase 2 project will have a storage capacity up to 2.1 million cubic meters (cbm) for crude, refined products, petrochemical products and Liquefied Petroleum Gas (LPG). The terminal will also have a deep water jetty facility with water depths of up to 24 meters, capable of handling Very Large Crude Carriers. Berths for unloading and reloading of Liquefied Natural Gas (LNG) vessels up to QMax-sized containers, are also included in the plans.
The Pengerang Terminal Phase 2 Project will be built on 157 acres next to the site of the existing Pengerang Independent Terminal, which is scheduled to be commissioned in line with the refinery complex by 2019.
"This SHA will pave the way for PRPC UF and its strategic business partners to own and develop the Pengerang Terminal Phase 2 Project. The signing of the SHA is another milestone for PETRONAS and further cements our commitment for the successful development of PIC," said PIC Vice President and Venture Director, Juniwati Rahmat Hussin.
PETRONAS’ Pengerang Integrated Complex (PIC) development comprises of the Refinery and Petrochemical Integrated Development (RAPID) complex and its associated facilities including the Pengerang Co-generation Plant (PCP), Re-gasification Terminal 2 (RGT2), Air Separation Unit (ASU), Raw Water Supply Project (PAMER), Liquid Bulk Terminal (SPV2) as well as Centralised and Shared Utilities and Facilities.
Developed within a 6,242-acre site in Pengerang, Johor, PIC forms part of the Johor State’s Pengerang Integrated Petroleum Complex (PIPC), which is under Malaysia’s Economic Transformation Programme (ETP) to establish new engines of growth for Malaysia; whilst meeting future energy requirement and strengthening PETRONAS’ position as a key player in the Asian chemicals market, focusing on differentiated and specialty chemicals. RAPID is estimated to cost US$16 billion while the associated facilities will involve an investment of about US$11 billion. PIC is poised for its refinery start-up by early 2019.
