Posted by Jimmy Song > 2013-11-28 10:36 | Report Abuse

SENARI SYNERGY INK USER OFFTAKE AGREEMENT WITH PETRONAS AND SHELL FOR CODT, TANJUNG MANIS, SARAWAK KUALA LUMPUR, 27 November 2013 – Senari Synergy Sdn Bhd (“Senari Synergy”) has today signed a Share Sale Agreement with PETRONAS Dagangan Berhad (“PDB”) and Shell Timur Sdn Bhd (“STSB”), pursuant to an operational realignment, for the divestment of their respective entire 20% equity interest each in Assar Chemicals Dua Sdn Bhd (“ACDSB”) for an aggregate RM13 million cash consideration. ACDSB is a special purpose company which owns a central oil distribution terminal (“CODT”) and provides oil storage for petroleum products and terminal handling services to PDB and STSB as the CODT offtakers / users at Tanjung Manis, Sarawak. The commercial operations date for CODT was on 3 February 2012. The other agreement executed are the Founding Users Agreement between ACDSB and the original / founding users, namely PDB and STSB, being the offtakers for CODT, for a period of 30 years from the said commercial operations date. Concurrently, Senari Synergy, PDB and STSB also signed a Shareholders Agreement to establish a joint venture company named Tanjung Manis Oil Terminal Management (“TMOTM”) in which they will hold a shareholding proportion of 60:20:20 respectively. The management, operation and maintenance of CODT is governed by the Operating Services Agreement, executed between ACDSB, TMOTM, PDB and STSB. YBhg Dato Sri Ahmad Tarmizi Bin Haji Sulaiman, the Group Chairman of Senari Synergy and the State Financial Secretary of Sarawak, said “The conclusion of these Agreements with PDB and STSB represents the biggest milestone for Senari Synergy, achieving a long term sustainable business model for the Tanjung Manis development.” He added “We value the opportunity in partnering PDB and STSB forming strategic alliance with State related entities, bring significant economic benefits to Sarawak and the Sarawak Corridor of Renewable Energy (“SCORE”) region”. Tanjung Manis is one of the key identified areas for the southern SCORE region of Sarawak. Astramina Advisory Sdn Bhd is the appointed Financial Advisor for Senari Synergy. .......................................................................................................................................... About Senari Synergy Sdn Bhd Senari Synergy Sdn Bhd (“Senari”) was incorporated in Malaysia under the Companies Act 1965 on 29 July 2010 as a private limited company limited by shares. It is an investment holding company, which was formed to undertake and manage businesses in the oil, gas and chemicals related industries. The subsidiaries of Senari Synergy are involved in activites such as provisioning of centralised storage facilities for the major oil companies, the palm oil refinery business and property development.