KUALA LUMPUR: Dialog Group Bhd’s flagship Pengerang Deepwater Terminal (PDT) project in Pengerang, Johor is shaping up nicely, a local investment bank said.
Affin Hwang Investment Bank Bhd said the PDT is on track to support Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project there.
PDT’s Phase 1 was fully operational since 2015 and had since received over 970 vessels, it noted.
The second phase is progressing well, said Affin Hwang, which brought about 20 local investors to visit the project site recently.
Phase 2 comprises tanks for both petroleum and petrochemical products with total storage capacity of 2.1 million cubic metres dedicated specially for Petronas.
The terminal also has a deep water jetty facility with 12 berths and water depths of up to 24 metre that is able to accommodate Very Large Crude Carriers (VLCC) vessels.
“We gather that the petroleum portion has achieved about 60 per cent completion. The majority of the civil works have been completed with the remaining works left being the pumps and mainly instruments and electrical.”
Affin Hwang said Dialog is targeting to achieve mechanical completion for its petroleum tanks by end-July 2018.
Petrochemical tanks are still at an early stage of work as the group has only acquired the piles and tank plates.
Overall, Phase 2 of the EPCC work is targeted to be completed by end-January 2019, Affin Hwang said.
SPV 3, which consists of two units of 200,000 cubic metre LNG storage tanks, is expected to receive its first shipment by end-August 2017, which should result in maiden income stream flowing in.