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Vitol Tank Terminals International B.V., part of the Vitol Group, has announced that it has entered into a joint venture agreement today with MISC Berhad to incorporate a joint venture company on an equal partnership basis.

The joint venture company, Asia Tank Terminal Limited, will hold a 100 percent equity interest in an oil terminal in Tanjung Bin, located in south-west Johor, Malaysia.

The terminal company, ATT Tanjung Bin Sdn. Bhd. executed a long-term lease agreement with Seaport Worldwide Sdn. Bhd. in September 2008 for 50 hectares of land at the Tanjung Bin Petroleum and Maritime Industry Centre.

The terminal company will design, construct, commission and operate a 741,200 cbm terminal for storage of fuel oil, middle distillates and light distillates.

Signing on behalf of VTTI was its CEO, Mr. Rob Nijst and on behalf of MISC was its President/CEO, Mr. Amir Hamzah Azizan.

The terminal, subject to receiving the necessary approvals by the relevant Malaysian regulatory authorities, is anticipated to commence operations in April 2012.