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Saturday, December 20, 2014

Petronas signs accord on phase 2 of Pengerang Terminal worth RM12bil

PETALING JAYA: Petroliam Nasional Bhd (Petronas) has signed a shareholder agreement with Dialog Group Bhd and Royal Vopak for the development of phase two of Pengerang Terminal at the Refinery and Petrochemical Integrated Development (RAPID) complex in Johor.
The project is estimated to cost close to RM12bil.
A special-purpose vehicle, Pengerang Terminals (Two) Sdn Bhd (PT-2), owned by Petronas (40%), Dialog (25%), Vopak (25%) and State Secretary, Johor Inc (10%), will undertake the project.
Vopak, the world’s largest independent tank storage company by capacity, specialised in the storage and handling of oil products, liquid chemicals and gasses.
“Pengerang Terminal Phase 2 Project involves the construction of the storage capacity of approximately 2.1 million cubic metres and a deepwater jetty with 12 berths at an approximate total project cost of RM6.3bil,” Dialog said in a filing with Bursa Malaysia.
The special-purpose vehicle also signed an engineering, procurement construction and commissioning (EPCC) contract and alliance agreement with a target EPCC cost of about RM5.5bil with Dialog.
In a statement, Petronas said: “The Pengerang Terminal Phase 2 Project will be built on 157 acres (63.54ha) next to the site of the existing Pengerang Independent Terminal, which is scheduled to be commissioned in line with the refinery complex by 2019.”
Compared with the first phase, which commenced in the second quarter, Dialog has a 46%, Vopak has a 44% stake while State Secretary, Johor Inc has 10%.
The Pengerang Terminal Phase 1 project has a smaller storage capacity of 1.3 million cu m and six deepwater berths at a cost of RM2bil.
Dialog also said the latest accord would not have any material effect for its financial year ending June 30, 2015, but expected positive long-term contribution to its future earnings.
“The total investment of PT-2 is to be financed by equity injection, shareholders loan and/or external borrowings.”
Dialog said its eventual equity investment in PT-2 would be determined later upon the finalisation of the project cost and financing structure of PT-2 and that it would be mindful of its net gearing level, which stood at 0.3 times as at June 30.

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