Benalec Holdings Berhad Enters into MOU with Rotary
Engineering Limited
Kuala Lumpur, Malaysia - Benalec Holdings Berhad (BHB:MK) and
Singapore listed company Rotary Engineering Limited jointly
announced today the signing of a Memorandum of Understanding
(MOU) to develop an independent deepwater storage terminal
for oil products in Tanjung Piai. Strategically located at
the south-western tip of Johor, Tanjung Piai offers easy
access to international shipping routes of Straits of Malacca
and Singapore's Jurong Island, an international
petroleum, petrochemical and terminal hub.
With an initial capacity of 1 million cubic metres, with
subsequent phases to increase capacity to 3 million cbm on
the total reclaimed land area of 250 acres, the proposed
terminal will be a petroleum storage facility for storing,
blending and distributing crude oil and its derivatives. The
integrated storage facility will be completed with deepwater
jetty facilities capable of handling very large crude
carriers (VLCCs).
The two companies will jointly embark on a technical
feasibility study, after which they will form a joint venture
company by participating in taking equity ownership and
development of the first 1 million cubic metres oil storage
terminal as well as other terminal projects. In addition, the
joint venture company will exclusively undertake the
promotion of Tanjung Piai as an oil and petrochemicals
terminal hub.
Vincent Leaw, Managing Director of Benalec Holdings Berhad
said: "We are delighted to have Rotary Engineering on
board with us in our maiden foray into the high growth oil
and gas and petrochemical industry. Tanjung Piai is very well
positioned to complement the region's growth in the oil
and gas industry, and to tap on the growing demand for the
storage and distribution of petroleum and petrochemical
products in Asia."
Roger Chia Kim Piow, Chairman & Managing Director of Rotary
Engineering said: "We are excited to provide more value
added services to our clients through this strategic
partnership with Benalec. With Tanjung Piai's close proximity
to Jurong Island, we see much synergy between Singapore and
Johor in further developing this area into an even larger
international petroleum hub."
-END-
About Benalec Holdings Berhad (BHB:MK)
Benalec Holdings Berhad ("Benalec") is an investment holding company, listed on Bursa Malaysia's Main Market. Its subsidiary companies are principally involved in the provision of marine construction services, mainly in the area of land reclamation, dredging and beach nourishment; coastal protection works such as rock revetment works, shore protection works and breakwater construction; pre-bore and marine piling; and construction of marine structures, bridges, jetties, ports and other offshore and ancillary structures. In addition, its ancillary services include vessels chartering, the provision of marine vessel support services, ship repair, ship maintenance, shipbuilding, fabrication and refurbishment activities.
Benalec has emerged as a leading integrated marine
construction outfit, owner and operator of marine vessels and
owner of strategic landbanks for industrial and residential
use.
Managed by a professionally qualified team of skilled
engineers with more than 25 years of hands-on experience,
Benalec has proved capable of implementing demanding marine
construction projects in the local as well as regional
market.
About Rotary Engineering Limited
Rotary Engineering Limited ("Rotary") is a leading provider
of EPC services specialising in the Oil & Gas industry.
Headquartered in Singapore, Rotary has established a strong
presence in the Asia Pacific and the Middle East, and
continues to make its mark as a global player. Established in
1972, Rotary has forged a reputation built on its hallmark
traits of providing quality services, within budget and on
time delivery. It prides itself with a highly-skilled
workforce that forms the mainstay of its core EPC services.
The Group today boasts a total strength of about
7,000 employees, and has built an enduring relationship with
its clients, among which include Oiltanking, ExxonMobil Asia
Pacific, Thai Tank Terminal, Vopak and local company Hin
Leong Trading.
Rotary was listed on the mainboard of the Singapore Exchange
since 1993. Rotary was the winner for "Most Transparent
Company" in the Construction Category at the SIAS
Investors' Choice Awards 2007 and 2011. Rotary was the
winner in the Enterprise category in 2008, while Mr Chia Kim
Piow, Rotary's Chairman and Managing Director, won in the
Businessman category for 2011 at the Singapore Business
Awards which was jointly organised by the Business Times and
DHL Worldwide Express Singapore.
At the Singapore Corporate Awards 2009, Rotary's Chairman and
Managing Director, Mr Chia Kim Piow, won the Joint Best Chief
Executive Officer for 2008 in the "S$300 million to less
than S$1 billion in market capitalisation''
category.
In February 2011, Rotary established a Level 1 American
Depository Receipt (ADR) programme and its shares are traded
in the United States as ADRs in the over-the-counter market,
OTCQX International under the symbol "ROTGY". Each ADR
represents 20 ordinary shares listed on the Singapore
Exchange under the symbol "R07". Rotary's listing on the
OTCQX will provide the Company with more access to the US
market.
Issued by Benalec Holdings Berhad
Issued on behalf of Rotary Engineering Limited by:
Waterbrooks Consultants Pte Ltd
-------------------------------------------------------------------------------------------------------
Benalec Holdings Berhad
Mr Brian Mak
Email: brian.mak@benalec.com.my
Waterbrooks Consultants Pte Ltd
Ms Judy Kan
Tel: (+65) 6100-2228
Mobile: (+65) 9631-5053
Email: judy.kan@waterbrooks.com.sg
Mr Wayne Koo
Tel: (+65) 6100-2228
Mobile: (+65) 9338-8166
Email: wayne.koo@waterbrooks.com.sg
distribué par | Ce noodl a été diffusé par Rotary Engineering Limited et initialement mise en ligne sur le site http://www.rotaryeng.com.sg. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2011-12-08 09:30:46 AM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
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