KUALA LUMPUR, Malaysia (July 5): Straits Inter Logistics Bhd, an oil trading and fuel bunkering company, has teamed with Petronas Dagangan Bhd (PetDag) to supply marine fuel oil to vessels at all Malaysian ports. The partnership with PetDag, which will be carried out through the company’s 70%-owned subsidiary Tumpuan Megah Development Sdn Bhd, will be highly synergistic and beneficial to both parties, according to the company.
“Through Straits’ comprehensive infrastructure and stringent operating standards, PetDag’s customers will be able to enjoy extremely reliable, efficient, and safe cargo delivery services,” it said in a Bursa Malaysia filing.
“The relationship also aligns with PetDag’s corporate efforts in the development of local entrepreneurship and support of local SMEs in the oil and gas industry,” the statement continued.
The cooperation marks a key milestone for the group, according to Straits Inter Logistics managing director Datuk Seri Ho Kam Choy, as it brings two strategic companies together for collaboration on the distribution of marine fuel oil to the many vessels in Malaysian seas.
“We are very proud to be given the opportunity to work with an established and reputable company like PetDag to further grow and tap the vast marine fuel oil market in Malaysia,” he said in a statement. “This initiative will allow further business expansion for both parties and to enhance users’ experience.”
The group has also received shareholder approval to change its name to Straits Energy Resources Bhd, according to Ho.
“In due course, an application for a name change will be submitted to Suruhanjaya Syarikat Malaysia.” Its goal is to “further reflect on the company’s fast-growing business while exploring further synergistic prospects in the sustainable and alternative energy market,” he stated.
Oil trading and fuel bunkering services, ship management, port operation and management, inland transportation, and investment holding activities are all part of Straits Inter Logistics’ business.
Oil bunkering services entail supplying marine fuel oil and marine gas oil to other ships and ocean-going vessels such as oil tankers, offshore support vessels, container ships, cargo ships, and cruise ships via its vessels.
Tumpuan Megah is currently active in 15 Malaysian ports, including Lumut, Pasir Gudang, Tanjung Pelepas, Johor Bahru, Kuantan, Kemaman, Kuala Terengganu, and Labuan.
The company now has a larger fleet of 14 vessels working in the ports it serves.
Straits Inter Logistics’ stock finished at 20.5 sen, up five sen or 2.5 percent, giving the company a market capitalization of RM160.06 million./n
