Dialog JV inks US$330mil terminal usage deal with Pengerang Biorefinery
In a filing with Bursa Malaysia today, Dialog said the agreement will enable PT2 to provide storage and handling facilities for Pengerang Biorefinery's feedstocks and products.
The agreement, signed on July 29, involves a US$330 million expansion at PT2's deep-water terminal in Johor to support the biorefinery's upcoming operations.
The project includes the development of 272,000 cubic metres of dedicated storage capacity, with shared facilities factored into the cost.
Backed by a 25-year take-or-pay agreement, the expansion will begin immediately and is scheduled for completion in the first half of 2028.
"This development reinforces Dialog's midstream investments and supports its broader strategy of generating long-term recurring income," the company said.
Pengerang Biorefinery is a joint venture between Petronas Mobility Lestari Sdn Bhd (42.5 per cent), Enilive SpA (42.5 per cent), a subsidiary of Italy's Eni SpA, and Japan's Euglena Co Ltd (15 per cent).
The biorefinery will be capable of processing 650,000 tonnes of raw materials annually to produce sustainable aviation fuel, renewable diesel and hydrogenated vegetable oil.
PT2 is jointly owned Dialog Equity (Two) Sdn Bhd (25 per cent), PRPC Utilities and Facilities Sdn Bhd, a Petronas subsidiary (40 per cent), Vopak Terminal Pengerang BV (25 per cent), and Johor state-owned Permodalan Darul Ta'zim Sdn Bhd (10 per cent).
Dialog said the expansion will be funded through a mix of internally generated funds and borrowings and is not expected to have a material financial impact for the financial year ending June 30, 2026.
"However, it is expected to contribute positively to the group's future earnings," it said.
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