MISC’s foray into the tank terminal business was via our project in Tanjung Langsat, Johor, Malaysia. Langsat Terminals commenced its first phase of 476,000 cbm tank capacity in September 2009 and now has a total capacity of 647,000 cbm. In partnership with energy trader, Vitol Holding B.V., MISC further expanded its presence and logistics assets all over the world through a joint venture company, VTTI B.V. (VTTI). VTTI is a fast growing independent provider of energy storage worldwide and is currently offering 8 million cbm of combined storage capacity across 5 continents. The total capacity of our terminals is approximately 8.7 million cbm. With terminals strategically located at key hub and spoke locations, e.g. ARA Region (Antwerp, Rotterdam and Amsterdam), United States of America and Johor in Malaysia, we have global presence and strong capabilities in the storage of energy. A pool of experienced personnel has allowed MISC to offer dynamic services to customers. We comply with all local legislations and are also committed to meet the highest international standards of our industry. MAJOR DEVELOPMENTS FROM 1 JANUARY 2014 – 31 DECEMBER 2014 • VTTI Energy Partners LP launched its initial public offering (IPO) of 20,125,000 common units representing limited partner interests at USD21 per common unit. The public and VTTI MLP Partners B.V. own 49% of the shares respectively. The common units began trading on the New York Stock Exchange on 1 August 2014 under the ticker symbol “VTTI”. The total net proceeds from the IPO were approximately USD390 million. As at 31 December 2014, the market capitalisation of VTTI Energy Partners LP was approximately USD1 billion. • Burgan Cape Terminals in South Africa which is 70% owned by VTTI B.V., together with its partners, Thebe Investment Corporation (15%) and Jicaro (15%) was awarded a 20-year contract by the Transnet National Ports Authority to develop fuel storage of 118,000 cbm at the Eastern Mole of the Port of Cape Town. • Commencement of VTTV, Vasiliko, Cyprus operations in November 2014 with total storage capacity of 544,000 cbm. TANK TERMINAL BUSINESS Assets Capacity (cbm) VTTI 8,069,000 Langsat Terminals 647,000 Total 8,716,000 p 21 MISC BERHAD - Annual Report 2014
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