Straits Inter Logistics partners PetDag to provide marine fuel oil in local ports
Oil trading and fuel bunkering service provider Straits Inter Logistics Bhd has partnered with Petronas Dagangan Bhd (PetDag) to provide marine fuel oil to vessels at all ports in Malaysia.
The group said the collaboration with PetDag, to be undertaken through its 70%-owned unit Tumpuan Megah Development Sdn Bhd, will be hugely synergistic and value-adding to both parties.
“With this tie-up, PetDag’s customers will be able to enjoy highly reliable, efficient and safe cargo delivery services through Straits’ comprehensive infrastructure and tight operating procedures,” it said in a Bursa Malaysia filing.
“The collaboration is also in line with PetDag’s corporate initiatives in the development of local entrepreneurship and support of local SMEs in the oil and gas industry,” it added.
Straits Inter Logistics managing director Datuk Seri Ho Kam Choy said the partnership marks a significant milestone for the group as it has brought two strategic companies together for collaboration on provision of marine fuel oil to the many vessels in Malaysian waters.
“We are very proud to be given the opportunity by an established and reputable company like PetDag 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,” he said in a statement.
Ho added that the group has obtained shareholders’ approval to change its name to Straits Energy Resources Bhd.
“The application for name change will be made to Suruhanjaya Syarikat Malaysia in due course. Its purpose is to further reflect on the goup’s fast-growing business as it explores more synergistic opportunities in the sustainable energy and alternative energy space,” he explained.
Straits Inter Logistics is engaged in oil trading and fuel bunkering services, ship management, port operation and management, inland transportation and investment holding activities.
Oil bunkering services involve the provision of refuelling marine fuel oil and marine gas oil through its vessels to other ships and ocean faring vessels such as oil tankers, offshore support vessels, container vessels, cargo vessels and cruise ships.
At present, Tumpuan Megah operates in 15 ports in Malaysia, including Lumut, Pasir Gudang, Tanjung Pelepas, Johor Bahru, Kuantan, Kemaman, Kuala Terengganu and Labuan.
The company currently has an enlarged fleet size of 14 vessels plying the ports it is operating.
Shares in Straits Inter Logistics closed five sen or 2.5% higher to 20.5 sen, giving the group a market capitalisation of RM160.06 million.
Source: The Edge Markets