Monday, 28 November 2016
SHAH ALAM: Construction of the RM12.5bil Kuala Linggi International Port (KLIP) in Malacca will begin in the first quarter of next year.
T.A.G Marine Sdn Bhd managing director Datuk Wira Noormustafa Kamal Yahya hoped the port servicing the oil and gas industry would attract more investors. T.A.G Marine owns the project.
Noormustafa would finance the development of the port with investors from China. However, he declined to delve into the shareholding structure.
KLIP would bring back Malacca’s glory days, when it was a regional trading hub in the 15th century.
Kuala Linggi, that is strategically located and blessed with natural depth at 30m, is very conducive for servicing large tankers. There will be no need for maintenance dredging and it is also suitable for shipbuilding and repairing.
Malaysia Transport Ministry has gazetted KLIP not only as a industrial port and a bunkering hub, but also a port of refuge to aid casualty and vessel in distress.
Besides being the project’s owner, T.A.G Marine also have to look for investors.
Investors must have synergies with the KLIP business model, adding that many foreigners had expressed interest in the project.
KLIP, which garnered a lot of media attention at its launching, will be developed on a 620-acre reclaimed land to offer storage, repair and bunkering services. In Singapore, ships could waste a lot of time just waiting to deliver, take on goods, refuel or undergo maintenance work.
The project, the latest in a string of developments to capture Asia’s rising oil demand and the waterways along the Strait of Malacca and the Strait of Singapore, is expected to generate huge demand for port services.
It was reported that traffic sailing through the straits, valued at US$600bil in annual oil trade – makes up a third of global oil demand.
Noormustafa pointed out that KLIP development would complement Singapore instead of being a competitor to it.
Source by: Internet