Johor Port Bhd aims to attract more players to the Tanjung Bin Petrochemical and Maritime Centre in its efforts to make it the new business centre for international oil traders in the region.
In an announcement yesterday, Johor Port said the Ministry of Finance (MoF) has on May 10 this year approved the gazettement of Tanjung Bin as a free industrial zone.
Johor Port said it has also been appointed by the MoF as the zone authority responsible for all free zone matters within the RM2.4 billion Tanjung Bin.
Seaport Worldwide Sdn Bhd, a wholly-owned unit of Johor Port, which in turn is wholly-owned by MMC Corp Bhd, is the master developer of Tanjung Bin.
It said the project is part of the government's plan to transform southern Johor into an oil and gas hub, along with the presence of other players such as Petroliam Nasional Bhd's Refinery and Petrochemicals Integrated Development and Vopak-Dialog's Independent Water Terminal in Pengerang.
"The main activities at Tanjung Bin will be storage, blending and transit of petroleum products," it said.
