KUALA LUMPUR, March 8 (Bernama) -- RG Gas and Chemicals (M) Sdn Bhd will invest RM3 billion in the next ten years to build an integrated oil and gas hub on Pulau Daat, Labuan.
Its group project director, Jimmy Y.M. Tang, said the hub, which would provide land-based logistics and support services, would be built in four phases.
"The earthworks of the first phase project will be completed by year-end. We expect the first phase to commence operations by end-2012 or early 2013," he told reporters after the Fourth Economic Transformation Project (ETP) Update here Tuesday.
The hub is one of the nine new Entry Point Projects of the ETP announced by Prime Minister Datuk Seri Najib Tun Razak here.
Tang said the first phase, with an investment of RM500 million, would involve the building of a storage tank terminal with a capacity of 300,000 cubic metres.
"The other three phases include building a 1.5 million cu metres storage tank terminal, engineering fabrication yard and other facilities including water storage facilities," he said.
Tang said the hub would likely benefit from the opening of new oil fields around the area.
"Besides that, the location is also strategically located nearer to South Korea and China, which could be potential customers," he said.
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