10/13/2010 — The Star
Dubai-based Oilfields Supply Center Ltd (OSC) and Tanjong Agas Supply Base and Marine Services Sdn Bhd (TASBMS) yesterday sealed a joint venture agreement to build, own, manage and operate a multifunctional common user supply base that has an initial investment of RM620mil.
Located in the Tanjong Agas Oil and Gas and Logistics Industrial Park in Pekan, the supply base is a key project in the East Coast Economic Region (ECER) Special Economic Zone and will be developed by a newly formed joint venture company known as Tanjong Agas Oilfields Supply Centre Sdn Bhd.
The ground-breaking for the 100ha supply base is scheduled next month and expected to be ready for operations by 2013.
TASBMS chairman Tengku Abdul Rahman Sultan Ahmad Shah and OSC director and corporate affairs general manager Iqbal Mohammed Abdullah Abedin signed the joint venture agreement here yesterday.
TASBMS is the developer of the Tanjong Agas industrial park while OSC is an oilfields services company that has acquired and developed specialised technical, managerial and operational skills in building, owning and operating supply bases that support the oil, gas and power generation industries.
Speaking after the signing, TASBMS managing director Mohd Faidzal Ahmad Mahidin said the supply base was a key component of the park and had the potential to attract more international players.
“Once completed, it will offer a full range of support facilities and services for local and international companies that are involved in the offshore exploration, exploitation and production of oil and gas within Malaysian waters and regional waters of South China Sea,” he added.
He said the firm was confident that its alliance with experts from the Middle East would have a significant impact on the oil and gas industry in the country and help stimulate the local economy, particularly in Pekan.
ECER Development Council chief executive officer Datuk Jebasingam Issace John said several potential investors from the Middle East had shown keen interest in ECER andamong them, investors from Saudi Arabia and Qatar and would probably set up their business ventures here by the first quarter of next year.
Iqbal said OSC was looking forward to a productive collaboration and successful joint venture in the long run.
He added that the benefits would be enjoyed by locals as well.
The 1,704ha Tanjong Agas Oil and Gas and Logistics Industrial Park is targeted to be fully operational by 2013.