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Thursday, November 26, 2015

AZRB takes majority stake in Tok Bali Supply Base

KUALA LUMPUR: Ahmad Zaki Resources Bhd (AZRB) has bought a 51% stake in the operator of Malaysia’s third oil and gas supply base, the Tok Bali Supply Base (TBSB) in Kelantan, for RM55mil.

In a filing with Bursa Malaysia, the construction firm and marine fuel product supplier said it had acquired the equity interest in Matrix Reservoir Sdn Bhd (MRSB), the owner of TB Supply Base Sdn Bhd which is the base’s operator.

AZRB said TBSB, the third supply base licensed in the country after the Kemaman and Labuan supply bases, was well positioned to offer integrated logistics services to production sharing contractors and oil and gas service companies operating in the North Malay Basin, Malaysia-Thailand Joint Development Area (MTJDA) and Commercial Arrangement Area (CAA) between Malaysia and Vietnam.

AZRB group managing director Datuk Wan Zakariah Wan Muda said the company had been in the business of providing bunkering services at an onshore supply base for over 20 years.

“We have experienced first hand the opportunities and potential of a supply base particularly one that serves the North Malay Basin, MTJDA and CAA. As such, our participation in MRSB represents a natural and strategic expansion of AZRB’s oil and gas business,” he said.

Tok Bali Supply Base currently offers bunkering services for fuel and potable water, mechanical handling and equipment, bonded warehouse, customs and immigration and office space.

It is operationally ready with 500 metres of wharf and berthing space for five offshore support vessels.

AZRB said that over the next five years, it planned to embark on capital expenditure programme amounting to about RM100mil for Tok Bali Supply Base. 

This includes equipping the supply base with all the critical equipment and services to meet the requirements of the production sharing contractors and service companies. 

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