Hong Kong-listed NewOcean Energy Holdings Limited intents to expand bunkering operations to all Malaysia ports, it says in a recently published annual report.
“We are currently planning to expand our marine bunkering business to all of the ports in Malaysia; meanwhile, our company in Singapore will provide supply services of oil and technical support for these new markets,” said Shum Siu Hung, Chairman of the group.
NewOcean established its first overseas base in Singapore in November 2017. The office functions as a procurement centre and as the company’s foothold within the Singapore bunkering sector.
“As to the marine bunkering business, since Hong Kong or ports along the coastal lines of China are not considered as embodying with any geographical advantage, our foothold established in Singapore indeed plays a very crucial role to improve our marine bunkering business,” says Shum.
“Acting as a procurement centre, our company in Singapore had already helped lowering the procurement costs of fuel oil for marine uses, and helped the group to tap into the marine bunkering market in Singapore.”
The company, meanwhile, has entered into a memorandum with a local state-owned enterprise to build an oil refinery in Malaysia, says Shum.
“This oil refinery is anticipated to be the driving force for the group’s overseas developments in the long run.
“It will enable a large part of the group’s oil business to be operated under self-sustained model by efficiently providing quality products to our end-users sales network, reducing their operating costs and enhancing their competitiveness in the market.”
At present, NewOcean is applying for project-related governmental approvals, and is conducting an in-depth study in relation to the architecture and production allocation of the refinery. It is also seeking a suitable refinery to supply crude oil for the use of production.
“The group is now pressing ahead with the establishment of its refinery project in Malaysia,”
“We believe that a significant part of the group’s annual sales volume of oil and gas will be from the products manufactured by the refineries after the completion of the refineries.
“Thus, the oil and gas business of the group will be able to be self-sufficient in general, instead of relying on the supply from other sources.”
Related: NewOcean Energy net profit up 96%
Photo credit: NewOcean Energy Holdings
Published: 27 April, 2018
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