Dialog subsidiary, Johor state ink agreement to invest in Pengerang terminal
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Dialog subsidiary, Johor state ink agreement to invest in Pengerang terminal
KUALA LUMPUR: DIALOG GROUP BHD []’s 51%-owned subsidiary Pengerang Terminals Sdn Bhd (PTSB) has inked a shareholders’ agreement with State Secretary, Johor (Incorporated) to invest in Pengerang Independent Terminals Sdn Bhd (SPV).
In a filing Wednesday, July 6, Dialog said the agreement was to undertake the first phase portion of the design, and development of an independent deepwater petroleum terminal at Pengerang, Johor.
Under the agreement, PTSB will hold 90% equity stake in SPV and the balance 10% equity stake will be held by the State Secretary, Johor (Incorporated).
The agreement was pursuant to the development cum joint venture agreement between Dialog, the state government of Johor and the State Secretary, Johor (Incorporated) signed on May 13, 2011.
On the funding for the SPV, Dialog said PTSB’s eventual equity investment in SPV was to be determined later, as the SPV was in discussions with financial institutions on the terms, including funding structure, of project financing to finance the project.
“It is envisaged that PTSB will use its proceeds from both share capital and shareholders loan to fund its portion of equity investment in SPV.
“Dialog will finance its portion of share capital and shareholders loan in PTSB by way of internally generated funds and borrowings,” it said.
Dialog holds 51% in PTSB and the balance 49% is held by Vopak Terminal Pengerang BV, which is part of the Royal Vopak group (Vopak).
The SPV will undertake the first phase portion of the design, and development of an independent deepwater petroleum terminal at Pengerang, Johor with onshore facilities, topsides, harbor port, jetty and other marine facilities.
This first phase terminal will have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
This storage capacity is capable of being expanded by an additional 1 million cbm in the future within first phase. The terminal will have six vessel berths in the initial phase.
This independent deepwater petroleum terminal will provide storage, blending and distribution services for oil products and will be capable of handling ultra large crude oil carriers.
In a filing Wednesday, July 6, Dialog said the agreement was to undertake the first phase portion of the design, and development of an independent deepwater petroleum terminal at Pengerang, Johor.
Under the agreement, PTSB will hold 90% equity stake in SPV and the balance 10% equity stake will be held by the State Secretary, Johor (Incorporated).
The agreement was pursuant to the development cum joint venture agreement between Dialog, the state government of Johor and the State Secretary, Johor (Incorporated) signed on May 13, 2011.
On the funding for the SPV, Dialog said PTSB’s eventual equity investment in SPV was to be determined later, as the SPV was in discussions with financial institutions on the terms, including funding structure, of project financing to finance the project.
“It is envisaged that PTSB will use its proceeds from both share capital and shareholders loan to fund its portion of equity investment in SPV.
“Dialog will finance its portion of share capital and shareholders loan in PTSB by way of internally generated funds and borrowings,” it said.
Dialog holds 51% in PTSB and the balance 49% is held by Vopak Terminal Pengerang BV, which is part of the Royal Vopak group (Vopak).
The SPV will undertake the first phase portion of the design, and development of an independent deepwater petroleum terminal at Pengerang, Johor with onshore facilities, topsides, harbor port, jetty and other marine facilities.
This first phase terminal will have an initial storage capacity of approximately 1.3 million cubic meters (cbm) and is expected to be commissioned in 2014.
This storage capacity is capable of being expanded by an additional 1 million cbm in the future within first phase. The terminal will have six vessel berths in the initial phase.
This independent deepwater petroleum terminal will provide storage, blending and distribution services for oil products and will be capable of handling ultra large crude oil carriers.
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