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Monday, August 27, 2012

Yinson to invest RM47mil in Vietnam port ops

Source: http://biz.thestar.com.my/news/story.asp?file=/2012/8/27/business/11823600&sec=business


By Zazali Musa
JOHOR BARU: Yinson Holdings Bhd will invest US$15mil (RM46.5mil) to build warehouse facilities at Vietnam's PTSC Phu My Port in the third quarter of 2013.
Chairman and managing director Lim Han Weng said with the new facilities, the company would be in a better position to strengthen itself in the related port and logistic activities there.
“Vietnam's port industry is still not fully exploited, hence the prospects are good with many opportunities for us,” he told StarBiz.
Lim said the company was currently talking with several Vietnamese animal feed importers who had shown strong interest to lease the warehouse facilities.
He said the new warehouse facilities would also make PTSC Phu My Port the preferred port in Vietnam.
“This in return will improve services and logistic at the port and help to reduce backlogs,” said Lim.
He said backlogs and delay in unloading and loading of cargoes at most Vietnamese ports were normal occurrences due to aging infrastructures and equipment.
Presently it could take up to three weeks to unload the crop at the port as the 60,000 to 70,000-tonne vessels carrying them had to be anchored far away from the wharves.
Yinson holds a 40% equity in PTSC Phu My Port while PetroVietnam Technical Services Corp has a 60% stake.

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