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