Quoting from the Malaysian Insider,
KUALA LUMPUR, Feb 8 – A worsening ownership battle for a planned Malaysian bunkering facility to rival Singapore’s is threatening to derail the project and could hurt one of the country’s largest commercial banks.
The project to build a bunkering depot on a reclaimed island in Johor is being led by a little-known private company called KIC Oil and Gas, which has so far drawn down nearly half of its RM1.4 billion (S$584 million) financing facility from state-controlled CIMB to fund construction work.
But KIC’s failure to resolve problems with another key shareholder of the project, Seaport Terminal, which owns two of Johor’s main ports including Tanjung Pelepas, has prompted CIMB to consider suspending further funding for the construction of the bunkering facility, government officials and financial executives said.
I’ve had some dealings with KIC in the past, and I have actually been on their bunkering ship in the past. Interesting place, you can actually get 3 countries’ cellphone networks onboard (Malaysia, Indonesia, Singapore). And I used to have a few friends in the place, who have now spread out.
Another KIC article here.
Wata - Malaysian Oil and Gas Engineer 
It’s a waste that another project – after so much publicity – turn into another non-starter. Proper planning and better management should be in place before the government allows such a project to start.
How could CIMB gives a RM 1.4 BILLION loan when the four shareholders – tycoon Syed Mokthar Bukhari’s Seaport Terminals, Trek Perintis, partly-owned by a brother of the Federal Territories Minister, Teori Selatan, controlled by Johor’s Tengku Makota and lastly KIC- have NOT signed a share-holders agreement, but half the loan is already disbursed ?
Also the Government has apparently thrown in the towel and has already decided to shelve RM350 million for roadworks and other utilities, until the four long-bickering shareholder row is resolved.
Good luck to CIMB’s RM1.4 Billion.