Malaysia-listed bunkering firm Straits Inter Logistics (Straits) on Monday (6 May) said it has entered into a heads of agreement (HOA) with Elsa Energy Sdn Bhd. to explore potential acquisition opportunities between Straits and Elsa.
Elsa is principally engaged in the upstream segment within the oil and gas industry with focuses on the provision of services in subsurface geoscience, reservoir engineering, production optimization, well services, manpower recruitment, digital transformation and renewable energy.
Its revenue is mainly derived from the provision of services in subsurface geoscience and production optimisation.
At present, Elsa holds a license from Petroliam Nasional Berhad (Petronas) that qualifies Elsa to supply goods and services to both upstream and downstream sectors within the oil and gas industry to Petronas group of companies as well as all oil and gas companies in Malaysia.
Malaysia is established as Elsa's principal market as its principal activities are carried out predominantly in the region.
“Elsa is mainly engaged in the upstream segment within the oil and gas industry, whilst Straits is engaged in the provision of oil bunkering services and trading in oil products,” said a statement from Straits.
“The execution of the HOA is to allow Straits and Elsa to explore potential business collaboration opportunities.
“The potential business cooperation may include the possibility of a joint venture, business partnership and/ or acquisition of equity stake between the Parties for the purpose of further expanding and developing their respective business operations.”
Straits currently owns and operates nine Malaysia-flagged bunkering vessels ranging from 530 to 4,700 dwt and delivers low sulphur marine gas oil (LSMGO) to nine locations in Malaysia.
The company also started Straits Marine Fuels & Energy Sdn Bhd (SMF) in early March as an effort to move into fuel oil bunkering at Johor in Malaysia; it allegedly acquired two additional bunker tankers for the operation.
Straits ended financial year 2018 with a 61% increase in net profit.
Related: Selatan Bunker ends ship management contract with Skips Marine
Related: Straits Inter Logistics incorporates new Singapore-based subsidiary
Related: Maybank IB Research: ‘Buy’ for bunker firm Straits Inter Logistics
Related: Straits Marine Fuels & Energy to welcome ‘identified parties’ as partner
Related: Straits Inter Logistics makes land logistics expansion
Related: Straits Inter Logistics meeting approves Banle Energy acquisition
Related: Straits Marine Fuels & Energy acquires two bunker tankers
Related: Straits Inter Logistics ends 2018 with 61% profit increase
Photo credit: Straits Inter Logistics
Published: 7 May, 2019
New drop-in centre providing facilities and services for seafarers calling at Pasir Panjang Terminal opened.
With 1 March just weeks away, the shipping industry is cautioned to pay heed to ways they can comply with the carriage ban and ensure a smooth transition.
Two major shipping names continue their journey to decarbonization within a growing community dedicated to sustainable future marine fuels.
Consulting firm discusses strategies refiners are executing after IMO 2020 implementation, and changes to be expected ahead.
Ceylon Petroleum Corporation to receive bunkering permit, while government plans oil tank farm repairs.
BPGIC will sublease land to the oil trading company, which will be responsible for constructing the refinery including bearing the full cost of construction.
Top three positive movers in 2021 were Hong Lam Fuels Pte Ltd (+14); Sirius Marine Pte Ltd (+12); and TFG Marine (+11); according to the latest data from the Maritime and Port Authority of Singapore.
Webinar will offer delegates insights on the prevention of operational issues when using VLSFOs, along with an update on biofuels and bunker fuel quality trends for 2021 and its forecast for the current year.
Heating VLSFOs to prevent cold flow issues causes issues related to distillate ageing, and there is a gentle balance to be maintained when handling the product.
Research into n-paraffin distribution of VLSFOs has shown that they not only differ from MGO, but significantly differ from each other as well, states bulletin.
Bunker Holding and Dan-Bunkering have decided not to appeal the city court ruling in the case where the companies were on trial for breaching EU sanctions against Syria, states USTC.
Poll shows market participants think Singapore’s future as a bunkering hub in the near term will be impacted most by growth in alternative bunker fuels and intensifying competition from other ports in Asia.
