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News / Business/ Malaysia in $480 million plan to develop ‘Bunker Island’ at Johor

Malaysia in $480 million plan to develop ‘Bunker Island’ at Johor

13 Aug 2019
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Malaysia on Tuesday (12 August) reportedly embarked on a RM 2 billion (USD 480 million) plan to develop a ‘Bunker Island’ on a 100-acre reclaimed island at Tanjung Bin within the Free Commercial Zone of Tanjung Pelepas in the state of Johor.

The Bunker Island project will take four years to complete; the 61-tank multi product facility will have total storage capacity of about 1.20 million cubic metres supported by seven berths and two jetties.

The agreement was signed by Johor Port Authority (JPA) Chairman Rosnan Fathlal and Smart Crest Sdn Bhd Managing Director Ir Cher Lee Kiat.

“At the national level, the development of this island will be a significant economic multiplier for the country as ships that enter to discharge or load oil will spend on other services such as agency fees, port charges and deliveries to the ship and crew transfers, hotels, career development and trade finance,” said Transport Minister Anthony Loke Siew Fook, as quoted by Bernama.

“The developers are confident that the first phase of the project which is the oil tank development can be completed within two years, thus generating revenue for the next phase of development.”

Photo credit: Manifold Times
Published: 16 July, 2019

 

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