10/12/2010 — Sin Chew Daily
Malaysia and United Arab Emirates (UAE) have set up a joint-venture company to build a multifunctional common user supply base (MCUSB) at Pekan’s Tanjong Agas Oil & Gas and Logistics Industrial Park located in the East Coast Economic Region Special Economic Zone (ECER SEZ).
RM620 million will be invested in the project.
Dubai-based Oilfields Supply Center Ltd (OSC) and Tanjong Agas Supply Base and Marine Services (TASBMS) today signed a joint venture agreement to build, own, manage and operate the supply base.
TASBMS chairman Tengku Abdul Rahman Sultan Ahmad Shah and OSC director and general manager Iqbal Mohammed Abdullah Abedin signed the joint venture agreement. The ceremony was witnessed by Sultan of Pahang Sultan Ahmad Shah and East Coast Economic Region Development Council (ECERDC) chief executive officer Datuk Jebasingam Issace John.
A joint venture company, Tanjung Agas Oilfields Supply Centre (TAOSC), was formed by the two companies. Both sides agreed to invest up to US$200 million (approximately RM620 million) in the project.
Jebasingam Issace said the supply base will be developed on a site measuring 250 acres. The ground-breaking ceremony for the supply base is scheduled to take place in November 2010 and it is expected to be ready for full operations by 2013.
“Once completed, we believe it will bring about spillover effect to the economy of whole Pahang. At the same time, around 2,000 jobs would be created for the locals.”
OSC director and general manager Iqbal Mohammed Abdullah Abedin said, the objectives of the projects are to provide Pekan residents with job opportunities, technical training and technical transfer.
ECERDC Is Well-prepared For Large-scale Foreign Investments
Jebasingam Issace said, UAE is the first country from the Middle East to make large-scale investment in ECER.
“Apart from UAE, other Middle East countries including Saudi Arabia and Qatar are also showing interest in ECER projects.”
ECERDC is well-prepared to welcome large-scale foreign investments, he said.
“The infrastructure and facilities in ECER is ready for use; while fiscal and non-fiscal incentives, including the 100% income tax exemption for the first 10 years, are also being offered.”
TASBMS managing director Mohd Faidzal Ahmad Mahidin said, the authority is also looking for suitable universities and colleges that provide training courses for related industries in Bahasa Malaysia.
“At the same time, we are requesting investment firms to sponsor the courses so that once the potential workers complete the training, they can be included in the relevant departments for overall development.
After all, the work at this stage is not entirely based on labour. The semi-skilled workers will, in fact, enjoy good welfare,” he said.
Malaysia, UAE On Joint Venture To Develop Multifunctional Supply Base In ECER
10/12/2010 — Sin Chew Daily