EPIC to invest RM2b to expand Kemaman Supply Base

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KUALA LUMPUR (June 9): Eastern Pacific Industrial Corp Bhd (EPIC), a Terengganu state-linked firm, plans to invest RM2 billion to expand Kemaman Supply Base, a petroleum supply base in Teluk Kemaman, Terengganu, Bernama reported.

Its managing director and chief executive officer Noor Fadzil Mohamed Nor was quoted as saying that discussions were on-going with several local and international investors to expand the base.

The expansion is expected to be completed in two years.

"One of the companies from China, Huaxi group, has shown interest to cooperate with us," Noor Fadzil told the media after the signing of the lease and services agreement between its unit, Pengkalan Bekalan Kemaman Sdn Bhd (PBKSB), and five petroleum production companies.

Under the RM500 million agreement, the five companies will enjoy tariffs that will not change for five years with the choice to extend the duration of the agreement for another five years under the same tariff.

Bernama said the companies are Carigali Hess Operating Co Sdn Bhd, Vestigo Petroleum Sdn Bhd, Coastal Energy KBM Sdn Bhd, EQ Petroleum Production Malaysia Ltd and Sapura Kencana Energy Peninsula Malaysia Ltd.