Hubline Berhad, Permodalan Satok Berhad form JV to boost methanol transport, green energy goals

Permodalan Satok Berhad chairman Tan Sri Datuk Amar Abdul Aziz Husain exchanges Joint Venture Agreement with Hubline Berhad Group Executive President Dato Sri Richard Wee Liang Chiat.

By DayakDaily Team

KUCHING, March 27: Sarawak-based companies Hubline Berhad and Permodalan Satok Berhad (PSB) have joined forces to establish a joint venture aimed at enhancing the transportation of methanol and other chemical products, with future plans to support green methanol for marine bunkering.

The new company, PSB Hubline Sdn Bhd, will be owned 60 per cent by Hubline’s wholly owned subsidiary Hub Carrier Sdn Bhd and 40 per cent by PSB.

The joint venture is designed to pool the expertise, resources, and capabilities of both parties to achieve long-term profitability and sustainable growth.

Hubline and PSB said the joint venture enables another Sarawak-based firm to participate meaningfully in the State’s growing petrochemical and maritime sector.

The move aligns with the Sarawak Methanol Complex in Bintulu, a key initiative under the leadership of Sarawak Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg, which aims to position the State as a regional hub for petrochemicals and green energy by 2030.

“The joint venture company will be well positioned to support the Sarawak government, not only in the transportation of methanol, but also other chemical products for export from Sarawak under the Sarawak Gas Roadmap,” they said in a press release today.

They further said the 60:40 joint venture between Hubline and PSB, the holding company of Sarawak Petchem which owns and operates a state-of-the-art methanol complex, provides an excellent opportunity and shared vision for the joint venture.

It aims to achieve sustainable corporate growth, create value, and act as the in-house transportation arm of Sarawak PetChem under long-term contracts, jointly transporting methanol produced from the Sarawak Methanol Plant with a minimum committed volume.

In a related move, Hubline Berhad has signed a non-binding Letter of Intent with Zhoushan Ningshing Shipbuilding & Repairing Co. Ltd, China, for the construction of two 13,800dwt stainless steel chemical tankers powered by dual-fuel (methanol) engines. — DayakDaily