[September 11, 2006] Epic to upgrade Kemaman Port Tweet (Business Times (Malaysia) Via Thomson Dialog NewsEdge) EASTERN Pacific Industrial Corp Bhd (Epic), which owns 61 per cent of Konsortium Pelabuhan Kemaman Sdn Bhd, will spend RM45 million to upgrade Kemaman Port in Terengganu and build two new liquid chemical berths (LCB) there. The facility and service provider for the petroleum and gas industries is currently designing the proposed LCB for completion by end of 2008. Epic chairman Datuk Mohamed Awang Tera said it is also in talks with a few interested parties who wants to invest in Kemaman Port and the LCB. He said Epic has recently inked a deal with Kemaman Bitumen Corp Sdn Bhd, which will undertake 2 million tonnes of cargo per year that will contribute RM6 million in revenue to Kemaman Port per year. The port is now in talks with Australian miner Grange Resources Ltd to handle 2 million tonnes of iron steel pellets per year. Epic yesterday inked a 60-year concession agreement with the Transport Ministry and Kemaman Port Authority for the privatisation of Kemaman Port. "The acquisition will complement our existing facilities in KSB (Kemaman Supply Base). This is an opportunity for the company to expand into the logistics international trading business," Mohamed said at the signing ceremony. The remaining 39 per cent equity of Konsortium Pelabuhan Kemaman is held by construction firm and port operator Road Builder (M) Holdings Bhd. Copyright 2006 The New Straits Times Press (Malaysia) Berhad. Source: Financial Times Information Limited - Asia Intelligence Wire [ Back To TMCnet.com's Homepage ]