Tanjung Bin Petrochemical and Maritime Centre Gazetted as Free Zone
7 June 2012
The Ministry of Finance Malaysia recently approved the gazettement of Tanjung Bin Petrochemical and Maritime Centre (Tanjung Bin) as a Free Industrial Zone effective 10th May 2012. In addition, the Ministry also appointed Johor Port as the Zone Authority, responsible for all Free Zone matters within the area. As Zone Authority, Johor Port hopes to extend its expertise to administrate and enforce; while at the same time attract more players to come, in its efforts to make Tanjung Bin the new business center for international oil traders in the region.
Seaport Worldwide, a wholly-owned subsidiary of Johor Port, is the master-developer of the 2,255 acres Tanjung Bin Petrochemical and Maritime Centre. 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 Petronas’s Refinery and Petrochemicals Integrated Development (Rapid) and Vopak-Dialog’s Independent Water Terminal in Pengerang. The main activities at Tanjung Bin will be storage, blending and transit of petroleum products.
ATT Tanjung Bin Sdn. Bhd. (ATBS) is the first company to operate in Tanjung Bin; with the capacity to store almost 1 million tones within its 296,000 m² area under its phase one development.