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The RM2.4 billion Tanjung Bin.Petrochemical and Maritime Centre (Tanjung Bin) is now a free industrial zone following the Ministry of Finance’s gazette to this effect on 10 May, says Johor Port which has been named as the zone authority.

Johor Port’s wholly-owned subsidiary, Seaport Worldwide, is the master developer of Tanjung Bin.

In a press announcement yesterday, Johor Port said the project was part of the government’s aim to transform southern Johor into an oil and gas hub, together with the entries of other oil and gas players including Petronas’ Refinery and Petrochemicals Integrated Development and Vopak-Dialog’s Independent Water Terminal in Pengerang. Storage, blending and transit of petroleum product will feature prominently in Tanjung Bin, it said.

ATT Tanjung Bin Sdn Bhd (ATBS), a 50:50 joint venture between Vitol, a global trading house and MISC Bhd, was the first company to commence business at Tanjung Bin, with the capacity to store close to one million tonnes under its phase one development, it said.

With the benefit of free zone facilities, Johor Port is stepping up efforts to attract more companies to set up base at Tanjumg Bin.

Adapted from StarBiz 25 July 2012