Tanjung Pelepas Port

active

Seaport Terminal Sdn Bhd was awarded a concession to develop a second port at Tanjung Pelepas in 1995. Pelabuhan Tanjung Pelepas Sdn Bhd was initially wholy-owned by Seaport Terminal Sdn Bhd., but in 1998 the government's investment arm KNB acquired 40% of the project company's equity. Total project costs are about $3.9 billion, of which $736 million refers to the first phase. The port was scheduled to begin operations in January 2000, with two berths being expanded into a six berth facility under phase I expected to be finalised by 2001. Phase I was financed by a consortium of local banks and other financial institutions. The project company has a 30-year contract, with automatic extension for 30 additional years, which again may be extended 30 more years. In Jul. 2000, the port started commercial operations, and it reported a record throughput of 418,218 TEUs in its first year of operation. The ownership structure of the project changed in 2000: Seaport Terminals now holds 70% of PTP and Maersk Sea Land holds 30% of the shares. None None