JOHOR BAHARU: Johor Port aims to attract more players to Tanjung Bin Petrochemical and Maritime Centre (Tanjung Bin) in its efforts to make it the new business centre for international oil traders in the region.
In an announcement yesterday, Johor Port said the Finance Ministry (MOF) had on May 10 this year approved the gazettement of Tanjung Bin as a free industrial zone.
Johor Port said it had also been appointed by the MOF as the zone authority responsible for all free zone matters within the RM2.4bil Tanjung Bin.
Seaport Worldwide, a wholly-owned unit of Johor Port, which in turn is wholly-owned by MMC Corp Bhd, is the master developer of Tanjung Bin.
It said the project was part of the government's plan to transform southern Johor into an oil and gas hub, along with the presence of other players such as Petronas' Refinery and Petrochemicals Integrated Development and Vopak-Dialog's Independent Water Terminal in Pengerang. "The main activities at Tanjung Bin will be storage, blending and transit of petroleum products," it said.
ATT Tanjung Bin Sdn Bhd (ATBS) was the first company to operate in Tanjung Bin, with the capacity to store almost one million tonnes under its phase one development, it said.
ATBS is 50:50 joint venture between international trading house Vitol and MISC Bhd. — Bernama