Malaysia, UAE On Joint Venture To Invest RM620mil In East Coast

10/12/2010 — China Press
Dubai-based Oilfields Supply Center Ltd (OSC) and Tanjong Agas Supply Base and Marine Services (TASBMS) will jointly develop a multifunctional common user supply base (MCUSB) with a RM620 million investment.
The MCUSB will be built on the Tanjong Agas Oil & Gas and Maritime Industrial Park located in the East Coast Economic Region Special Economic Zone (ECER SEZ). The joint venture includes building, owning, managing and operating the supply base.
The two companies sealed the agreement to develop the supply base here today.
The development will be undertaken by Tanjung Agas Oilfields Supply Centre, a newly formed joint venture company.
The ground-breaking ceremony for the supply base is scheduled to take place in November 2010 and it is expected to be ready for operations by 2013.
TASBMS managing director Mohd Faidzal Ahmad Mahidin said, the supply base will be developed on a site measuring 250 acres along a one-kilometre shoreline with water depth of 20 metres.
The whole development of the Tanjong Agas Oil & Gas and Logistics Industrial Park will cover a total area of 4,260 acres.
Once completed, the supply base will offer a full range of support facilities and services in the offshore exploration, exploitation and production of oil within Malaysian waters as well as the regional waters of South China Sea and beyond.