Tanjung Langsat Port to sell Johor storage terminal

[SINGAPORE] Malaysia's Tanjung Langsat Port (TLP) plans to sell its storage tank terminal in the southern state of Johor and has short-listed at least five companies for a second round of negotiations, sources close to the matter told Reuters.

The terminal may come with an adjacent piece of land, allowing the potential buyer to expand and tap on rising quantities of crude oil and oil products passing through the Malacca Straits to meet growing demand in Asia.

Singapore, Asia's largest oil trading hub, faces land shortages that have driven billions of dollars of spending on the construction of storage facilities in neighbouring Malaysia and Indonesia.