Malaysia-listed Straits Inter Logistics Berhad (Straits), through its 70% owned bunkering subsidiary Tumpuan Megah Development Sdn Bhd (TMD), has entered into a collaboration agreement with Petronas Dagangan Berhad (PDB) to provide marine fuel oil to vessels within all ports in Malaysia.
PDB is the principal marketing arm of Petroliam Nasional Berhad (Petronas).
The venture will be hugely synergistic and value-adding to both parties, said Straits in a statement on Monday (5 July).
“This tie-up with Petronas Dagangan Berhad marks a significant milestone for Straits as it has brought two strategic companies together for collaboration on provision of marine fuel oil to the many vessels in Malaysian waters,” said Straits’ Group Managing Director Dato Sri Ho Kam Choy.
“We are very proud to be given the opportunity by an established and reputable company like PDB to work with them to further grow and tap the vast marine fuel oil market in Malaysia. This initiative will allow further business expansion for both parties and to enhance users’ experience.”
Dato Sri Ron Ho further added: “Straits has obtained shareholders’ approval in its recent AGM on 24 June 2021 to change its name from Straits Inter Logistics Berhad to Straits Energy Resources Berhad. The application for name change will be made to Suruhanjaya Syarikat Malaysia (SSM) in due course. Its purpose is to further reflect on the Group’s fast-growing business as it explores more synergistic opportunities in the sustainable energy and alternative energy space.”
Manifold Times earlier reported Straits posting a 26% rise on year in profit.
Related: Malaysia: Straits Inter Logistics posts 26% rise on year in profit for Q1 2021
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Photo credit: Straits Inter Logistics Berhad
Published: 6 July, 2021
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