Malaysia developing $477m oil storage and bunker facility next to Singapore
IOTF will have two jetties, seven berths and storage capacity for 1.2m cu m of various oil and gas products as well as blending and redistribution facilities aimed at domestic and regional markets. It will be developed in three phases with the initial phase, which will begin with oil storage and bunker operations, starting in two years
The company has been in discussions with various investors from the Middle East, mainland China and Hong Kong as well as local investors to invest in the next phases of the project
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