Kuala Lumpur: Petronas subsidiary PRPC Utilities and Facilities (PRPCUF) has become majority shareholder in the special purpose vehicle (SPV) that will develop, construct and operate Pengerang Terminals (Two) (PT-2) in Johor, Malaysia.
The company signed a shareholders agreement on December 19 with Dialog Group’s subsidiary Dialog Equity (Two) and Vopak Terminal Pengerang, the two existing partners in the PT-2 SPV.
PRPCUF now has a 40% stake in the SPV; Dialog Equity (Two) holds 25%, Vopak Terminal Pengerang holds 25% and the State Secretary, Johor owns the remaining 10%. Before this restructuring, the SPV was wholly owned by Dialog Equity (Two).
The Pengerang Terminal Phase 2 project comprises the construction of 2.1m m³ of new storage capacity for crude oil, petroleum, chemical and petrochemical feedstock, petroleum products and by-products coming to and from the Refinery and Petrochemical Integrated Development (RAPID) complex being built at Pengerang.
The second phase of the project is being built on a 63.11ha plot of reclaimed land located within the existing Pengerang Terminal. A deepwater jetty with twelve berths is also being constructed.
The new facility is scheduled to be commissioned with the refinery complex by 2019. The total project cost is estimated at RM6.3bn ($1.8bn).
Dialog Plant Services, another Dialog subsidiary, is undertaking the engineering, procurement, construction and commissioning (EPCC) of the new facility, with a target EPCC cost of around RM5.5bn ($1.6bn).
PRPCUF is a subsidiary company of Petronas Refinery and Petrochemical Corporation (PRPC), which is constructing the RAPID complex at Pengerang. [19/12/14]