PSP ENERGY TO EXPAND MARINE FUEL BUSINESS WITH NEW MELAKA BUNKERING HUB

KUALA LUMPUR, Dec 4 (Bernama) -- PSP Energy Bhd is set to expand its marine fuel business with the development of a bunkering hub at Tanjung Bruas Port, Melaka.

Group managing director Ong Chee Seng said the port facilities are currently under renovation and will form a key part of the company’s strategy to serve vessels on the Strait of Melaka, noting the high volume of vessel traffic passing the strait daily.

“The Strait of Melaka is one of the busiest straits in the world. So, many vessels will bypass there, and we set up a hub at the Tanjung Bruas Port.

“The plan is to start the operation in the first half of 2026,” he said at a press conference after PSP Energy’s listing on the ACE Market of Bursa Malaysia.  

At the opening bell, PSP Energy debuted flat at its initial public offering (IPO) price of 16 sen on Bursa Malaysia’s ACE Market, with 14.5 million shares changing hands.

Ong said the Melaka expansion aligns with PSP Energy’s long-term plan to strengthen its regional footprint and capture growing demand for marine fuel.

“Tanjung Bruas Port is strategically located along major shipping routes, and this development positions us well to capture new demand in one of the region’s most active maritime corridors,” he said.

As part of its fleet enhancement plan, he said PSP Energy also intends to acquire a new bunker vessel after listing to support upcoming port-based operations.

“We will select a capacity below 2,000 tonnes, two megalitres (carrying capacities). And we will try to find a vessel that is below 15 years old and manufactured in Japan,” he said.

He said that the expected deployment timeline for the new bunker vessel is within 24 months after the company’s listing.

The new vessel is expected to complement the company’s existing three-vessel fleet with an aggregate carrying capacity of 2.4 megalitres, enabling it to service more clients along the Strait of Melaka, he added. 

-- BERNAMA