To cater to future demand, Pengerang Independent Terminals Sdn Bhd (PITSB) may spend an additional RM16 billion over the next five years to further develop the terminals, said Prime Minister Datuk Seri Najib Tun Razak.
He noted that the investment will see the independent terminals expand from its current capacity of 1.3 million cubic metres to 10 million cubic metres over the next 10 years.
“What is also very important is that with every RM1 billion investment, the multiply effect will be RM20 billion,” said Najib at the opening of the PITSB’s Phase 1A at Pengerang yesterday.
Najib, who also serves as Finance Minister, said the project’s economic spin-off was enormous.
“With the rapid development taking place in the country, I hope it will encourage our young Johorians and Malaysians, in general, to get involved in the oil, gas and petrochemical industry,” said the prime minister.
One of the catalytic project under the Pengerang Integrated Petroleum Complex (PIPC), PITSB is a public-private partnership between Holland’s Royal Vopak, the Johor state government and the Dialog Group.
Najib also revealed that the investment from Phase 1 of PIPC alone was expected to contribute RM18.3 billion to the country’s Gross National Income by 2020 and create over 8,000 jobs.
“Beyond 2020, the numbers are expected to grow more than RM48 billion to the country’s GNI and create 15,000 jobs,” added Najib.
*source from PropertyGuru Malaysia on Jun 27, 2014