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Raya, Tumpuan Megah in Pasir Gudang bunker tie-up

Raya, Tumpuan Megah in Pasir Gudang bunker tie-up
Malaysia's Pasir Gudang Port in Johor is set to get another entrant to the bunker market, with Raya International announcing that its Selatan Bunker unit has entered into a collaboration agreement with Tumpuan Megah Development to explore and develop bunkering services for marine fuel there, local reports said.

The company added it was optimistic that the prospects of embarking into oil bunkering would  be positive for the group in the long term.“In this respect, the group incorporated Selatan Bunker in September to undertake this endeavour (including obtaining the license for oil bunkering activity) and conducted equity fund raisings via private placement, of which part of the placement proceeds were earmarked to venture into the oil bunkering segment,” it said.

Under the agreement, Selatan Bunker will provide the technical expertise and support for all matters relating to oil bunkering activities including general marketing know-how as well as funding requirements.

The company said the business collaboration with Tumpuan Megah was expected to contribute positively to the group’s future earnings.