KUALA LUMPUR: Straits Inter Logistics Bhd's subsidiary will provide bunkering services to Lumut Maritime Terminal Sdn Bhd (LMTSB) in Perak under a one-year contract.
Straits Group said on Tuesday its 55% owned Tumpuan Megah Development Sdn Bhd had signed an agreement to provide the services with effect on the same day.
LMTSB owns and operates Lumut Port at Kampung Acheh. Under the agreement, Tumpuan Megah has the exclusive right to operate, manage and provide the services located at or within the port.
At present, Tumpuan Megah is operating its business in eight ports in Malaysia. It hopes to set up a base in bunkering business in Lumut and subsequently enlarge its bunkering business in the west of Peninsular Malaysia.
“This tie-up with LMTSB is part of the group’s overall strategy to establish collaboration with strategic ports in Malaysia to bunker for vessels within their port limits.
While Straits Group expected the new venture to contribute positively to the revenue and future earnings, it did not state the quantum of the contract.