The Sun Daily
24th June, 2016
KUALA LUMPUR: Benalec Holdings Bhd has been given the go-ahead to reclaim another 2,407 acres, allowing for the construction of all three phases of the Tanjung Piai Integrated Petroleum & Petrochemical hub and Maritime Industrial Park (TPMIP), oil storage terminals and related marine facilities, which will be capable of accommodating vessels up to 350,000 deadweight tonnes.
The man-made island off the south-western coast of Johor will measure 3,487 acres.
Benalec’s TPMIP project will create a 7km stretch of seafront land which has access to the Straits of Malacca, one of the world’s busiest shipping lanes, and natural water depths of up to 30m, enabling it to handle Very Large Crude Carriers, Ultra Large Crude Carriers and even Vale Max Bulk Carriers.
Benalec group managing director and CEO Datuk Vincent Leaw Seng Hai said it is optimistic about the prospects for TPMIP, despite the current volatile market.
“We have been seeing very positive response from the market in terms of investment demand due to the unique selling points of our land. This is the most opportune time for investments as raw material prices are at their lowest, therefore we hope to secure some interest very soon,” he said.
To date Benalec has seen the formation of land covering more than 100 acres under the first phase of TPMIP.
Separately, Benalec has received approvals to start reclamation works at Pengerang Maritime Industrial Park by next month.