KUALA LUMPUR (Mar 16): Dialog Group Bhd has received its first call by a very large crude carrier (VLCC) to berth at the Pengerang Independent Terminals at the south-eastern tip of Johor, the Liberian-registered MT Mesdar.

The deepwater terminals are operated by Pengerang Independent Terminals Sdn Bhd (PITSB) — a joint venture between Dialog (fundamental: 2.1; valuation: 0.7), Royal Vopak NV, and the state government of Johor.

The vessel had arrived from the Middle East to discharge its crude oil cargo at the terminal.

“We are extremely proud to welcome MT Mesdar to our facility. This is an incredible achievement and a historic milestone for us,” said Tan Sri Ngau Boon Keat, executive chairman of Dialog and chairman of PITSB, in a statement today.

He added that the berthing of the 333-metre long vessel was proof that Pengerang Deepwater Terminal is geared to become a regional oil and gas hub.

To date, more than 100 vessels have used the terminal, which offers petroleum and crude storage facilities for trading purposes.

“With Asia being a growing demand area for crude and crude travelling longer distances, we are glad to see our crude storage facility and VLCC berth at Pengerang is of value to our customers,” said Vopak Asia division president Patrick van der Voort, division president in the same statement.

The Pengerang Independent Terminals development is the first independent land based storage facility for crude oil in Southeast Asia, with a depth of 24 metres and equipped with deepwater facilities.

The terminals are situated on 500 acres of reclaimed land in Pengerang, Johor, located along major international shipping routes.

Dialog rose 3 sen or 2.0% to RM1.55 today, bringing its market capitalisation to RM7.51 billion.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)