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Work on Asia Petroleum Hub to continue
By Kang Siew Li siewli@nstp.com.my
August 6 2007

WORK on the RM1.4 billion Asia Petroleum Hub (APH) in Tanjung Bin, Johor, will continue despite a
formal notice made by one of its shareholders asking all major work on the 40ha reclaimed island to stop.

Sources familiar with the matter said a caveat was filed two months ago by Teori Selatan Sdn Bhd, which is
controlled by the Tengku Mahkota of Johor, Tunku Ibrahim Ismail, on the island.

This follows a dispute over the shareholding structure of Asia Petroleum Hub Sdn Bhd (APHSB), the joint-
venture company tasked with managing, operating and developing the island. A caveat is a formal notice
that asks a court to suspend action until the party which filed the challenge can be heard.

APHSB executive chairman Abdul Rashid Mohamad Isa Al-Qadiry confirmed that a caveat had been filed
by Teori Selatan.

"(However,) the caveat has no impact on the development of the APH as the land in dispute belongs to the
Government, which has given the green light for us to proceed with the project," he told Business Times
over the telephone.

He said construction work on the APH is proceeding as usual after it was launched by Prime Minister Datuk
Seri Abdullah Ahmad Badawi on July 5 and it will be operational by mid-2009 as planned.

On March 27 this year, oil storage and blending firm KIC Oil and Gas Ltd said it had formed a joint venture
with Trek Perintis Sdn Bhd - a government-approved strategic financial and equity investor - to finance,
construct, manage and operate the petroleum hub.

KIC holds a 90 per cent stake in the new venture, while Trek Perintis owns the rest.

However, in a letter dated July 17 2007 and sent to APHSB, the Ministry of Transport revealed a revamped
equity structure that saw KIC's shareholding being reduced to 40 per cent and Trek Perintis' increased to 20
per cent.

It also saw the addition of two new shareholders: Seaport Terminal (Johore) Sdn Bhd with a 35 per cent
stake in APHSB and Teori Selatan with five per cent. Sources said Teori Selatan was unhappy with the new
equity structure, as it was expecting its stake in APHSB to be more than 10 per cent.

The latest dispute has raised fears of further delays in the APH project.

In 2005, KIC had a dispute with Seaport Terminal over who should develop the island into a petroleum hub.

Seaport Terminal had said that it was involved in the design and planning of the island since 2000 when the
idea for such a facility was first mooted.