Malaysia-listed Straits Inter Logistics Berhad (SIL) on Friday (16 July) said it is “confident” it will be able to complete development of its upcoming integrated offshore Ship-to-Ship (STS) Energy Transhipment Hub by end of the year.
SIL recently received a letter of approval (LOA) from Marine Department Malaysia for Victoria STS (Labuan) Sdn Bhd (Victoria STS) to develop the STS facility within the port limits of Victoria Bay in Labuan.
“The Company is confident that all terms and conditions of the LOA can be fully met before 8 January 2022 and expects to commence and complete the development of the STS Energy Transhipment Hub which included setting up the key facilities and equipment such as tugboats, pneumatic fenders, LNG cryogenic equipment and single point mooring system by the fourth quarter of 2021,” it stated in a reply to a query from Bursa Malaysia.
It further shared the estimated initial capital expenditure of the project to be USD 3.6 million (exact: USD3,647,000 or RM15,315,577).
A breakdown of the estimated cost of development is as follows:
Moving forward, SIL said the Marine Department will determine the duration period of the contract(s) to provide and carry out liquid cargo transfer activities, including the commencement and completion dates once the terms and conditions of the LOA have been fully met on or before 8 January 2022.
Related: Straits Inter Logistics subsidiary to become STS operator at Victoria Bay, Labuan
Photo credit: Straits Inter Logistics Berhad
Published: 19 July, 2021
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