Malaysian firm to jointly develop petroleum supply base in Balikpapan

Malaysian firm Eastern Pacific Labuan Limited (EPLL) and PT Sugico Graha have agreed to jointly develop a petroleum supply base in Balikpapan, East Kalimantan under the build, operate and own basis.

EPLL parent company Eastern Pacific Industrial Corporation Berhad (EPIC) said Tuesday both companies agreed to regulate their relationship vis-?-vis their respective investment and participation in the proposed project through a joint venture company (JVC) known as PT Kalimantan Supply Base.

EPIC also said Sugico will submit the necessary applications to Indonesian Investment Coordinating Board to change the status of the JVC into a foreign investment company (PMA).

EPIC group owns and operates the business of petroleum supply base in Kemaman, Terengganu of Malaysia since 1982 and manages the operations of the East Wharf, Kemaman Port.

Meanwhile, Sugico?s principal activities are in reparation service, recondition and valve testing of oil and gas equipment including valve installation. The company is developing the installation of oil and gas pipes. (Robert)