Dateline 2012-02-02:
A CIMB-led consortium has agreed to take over a multi-billion ringgit oil terminal project in Johor following years of shareholding disputes which hobbled the bunkering facility from the get-go.
Bankers involved in the restructuring of Asia Petroleum Hub (APH), the private company awarded rights to develop the terminal, told Singapore’s Straits Times that shareholding issues have been resolved and CIMB has committed to fund the project to completion.
They told the daily the project was about two-thirds complete and that the new consortium hopes to finish it within 18 months.
“Taking over a project for a bank is a little out of the box, but this is a very viable business and there is no reason why CIMB shouldn’t own it as a major investment,” a banker involved in the deal was quoted as saying.
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Wata - Malaysian Oil and Gas Engineer 