Malacca eyes slice of oil traffic sailing on to Singapore
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Kuala Lumpur
ONCE at the heart of the global spice trade, Malacca is pumping nearly US$3 billion into an ambitious plan to put itself in demand in a different hot commodity - oil.
The Malaysian state is reclaiming land along the Strait of Malacca to build a port that can handle the biggest tankers on the planet. The target: a slice of traffic sailing on to Singapore, the top but congested trading hub in a region with US$600 billion in annual oil trade - a third of global oil demand.
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