PETALING JAYA: Straits Inter Logistics Bhd’s 60% owned indirect subsidiary Victoria STS (Labuan) Sdn Bhd has received an approval from Malaysia’s Marine Department on July 30 to commence operations to develop an integrated offshore Ship-to-Ship (STS) Transhipment Hub.
In a statement, Straits said it has mobilised its resources and infrastructure in preparation to commence operation of the STS Transhipment Hub in the coming fourth quarter 2021.
“Concurrently, Victoria STS had on July 30 received approval from Malaysia’s Marine Department on the Marine Risk Assessment (MRA) in accordance with the terms of reference of MRA. The assessment was done as part of the requirements to be complied before Jan 8, 2022 to develop an integrated offshore STS Energy Transhipment Hub within the port limits of Victoria Bay,“ it said.
Straits expects to commence and complete the development of the STS hub which includes setting up the key facilities and equipment such as tugboats, pneumatic fenders, LNG cryogenic equipment and single point mooring system by the fourth quarter of 2021.
It said Malaysia’s Marine Department had on July 12 approved Straits to develop the STS as announced to Bursa Malaysia.
Straits Inter Logistics group managing director Datuk Seri Ron Ho Kam Choy said since the company’s announcement on STS Transhipment Hub on July 12, it had been receiving numerous partnership enquiries from notable international and local entities.
“They are interested in partnering with us to develop it into Asia’s largest STS Transhipment Hub. We are engaged in discussion with many parties in preparation for this project and Straits is gearing to kickstart this within the next few months. The other entities within the Straits group will stand to benefit from the business spin-offs of this project,“ Ho said.
The STS hub will be Straits’ flagship energy project which will be located within the port limits of Victoria Bay deep water area spanning a vast 3,309ha supporting an initial six STS berths with safe water depths of up to 30m.
The development will advance the introduction of state-of-the-art multi-functional energy transhipment facilities that will be able to accommodate liquefied natural gas (LNG) carriers up to the size of a Q-Max and Very Large Crude Carriers.
Victoria Bay is located along international shipping and energy trade routes. Straits plans to develop the STS Hub to be one of the largest offshore LNG and liquefied petroleum gas energy transhipment hubs in Asia.
The STS hub is also located within the vicinity of Labuan Liberty Port which is managed and operated by Megah Port Management Sdn Bhd, a 51% owned subsidiary of Straits.