Asia/Pacific News
Malaysian Bunker Supplier Plans Expansion
Malaysian bunker supplier Tumpuan Megah Development Sdn Bhd (TMD) is seeking to expand into new markets in the nation, the Malaysian newspaper Business Times reports.
"The potential of the sector is big with total contracts for offshore support services issued by Petronas rising to RM30 billion ($9 billion) last year from RM10 billion ($3 billion) in 2012," said company Director Raja Ismail Datuk Raja Mohamed.
The three-year-old company is based in Johor but does 60 percent of its bunkering business in Kemanman, Terengganu, where it has a one-year contract with Canadian energy company Talisman Energy Inc.
Raja Ismail said the oil and gas exploration company intends to extend the contract by another 15 years.
"This shows that we are serious about complying with international standards," he said.
"With the confidence placed upon us, we believe the company has a bright future."
TMD provides 500,000 to 1.8 million litres of fuel per month to clients from five vessels, and it plans to acquire more ships.
The company plans to expand its operations in Johor, a market largely dominated by bunker companies from Singapore, and it is also looking at expansion in Labuan.
"We have our own resources and funds to expand our operations… right now, we need to get support from the government and other authorities to help us realise our goals," Raja Ismail said.
Malaysia has been working to expand its oil and petrochemical industry, and last year Vitol Group and shipping firm MISC announced plans to expand the nation's largest oil storage terminal.
