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KIC Oil and Gas to set up $200m shipping trust

KIC Oil and Gas to set up $200m shipping trust

Kuala Lumpur: Malaysian oil terminal operator KIC Oil and Gas is planning to set up a shipping trust to acquire 22 vessels over the next three years. KIC has signed a memorandum of agreement with Thailand's Nathalin Group in collaboration with PTT Public Co to set up a consortium. Abdul Rashid Isa, chairman and ceo said the aim of the consortium would be to set up a shipping trust. "KIC and Nathalin with the support from PTT will establish a shipping trust for the acquisition of the 22 vessels to render door-to-door services [in terms of logistics and transportation] supporting the operations of the oil terminals," he said. The trust would invest $200m over a three year period. "In the immediate term [prior to the establishment of the trust], we will first inject our own vessels and time-charter a number of vessels to support the current demand from the customers of the oil terminals," he added. Nathalin, is Thai private shipowner, engaged mainly in the coastal tanker trades. [01/04/10]

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