The Vitol Group is pleased to announce the signing of an agreement with Seaport World Wide Sdn Bhd under which Vitol will lease land to construct an oil terminal in Tanjung Bin, Malaysia.

The terminal will be used for blending and storage of crude oil, petroleum and petrochemical products and will have initial capacity of 750,000 cubic metres. The project will include the construction of numerous jetties and other marine facilities, enabling the terminal to handle all tanker sizes up to the larger VLCC’s.

The investment for the first phase will be at least 1 billion Malaysian Ringgit (USD 300 million.

The strategic location of Tanjung Bin in relation to navigational routes, shipping anchorages and the regional pricing centre will make this an exciting addition to Vitol’s portfolio of terminals.

Vitol’s current portfolio includes storage assets in Latvia, The Netherlands, Russia, Argentina and Fujairah, together with projects nearing completion in Nigeria and the United States.