Asia’s fuel demand has risen inexorably, spurred by economic and population in the region. With imports of petroleum products expected to double to 1.8 million bpd from the current 730,000 barrels, adequate oil storage is necessary to meet the region’s oil needs.
Leveraging on the proximity to Singapore, deepwater marine accessibility and land availability, this EPP aims to establish Malaysia as an oil storage and trading hub, complementing Singapore’s storage facilities that are almost at capacity.
- Phase 1A of Pengerang Independent Terminals—25 storage tanks with a capacity of 432,000 cubic metres—was completed in March 2014 and received its first product vessel MT Vinalines Glory on 12 April 2014.
- As of December 2014, 93 ships have called at the terminal.
- Phase 1B of the Pengerang complex commenced operations in October 2014, adding another 25 tanks with storage capacity of 432,000 cubic metres.
- Phase 1C is expected to be completed by end 2014 and will be commissioned for start up in 1Q 2015.