Eastern Pacific Industrial Corporation Bhd (EPIC), a subsidiary company of Terengganu state government, is investing RM30 million to develop the second phase of the Kemaman Supply Base (KSB Phase II).
Its Chairman Datuk Tik Mustaffa said works to level the area, involving 11.2 hectares, are expected to start in September with completion in six months.
"We expect the KSB Phase II to be opened in six months after the levelling is done in September and once open, they would bring the total supply base to support the petroleum industry to almost 200 hectares.
"The opening of the new area will be able accommodate another 50 new companies and this will bring the total number of companies operating in the base to 300 companies," he told reporters after attending EPIC's annual general meeting in Kemaman today.
Currently, a total of 250 gas and oil support services companies operate in the area including seven major oil companies namely Petronas, Esso, Cari Gali Hess, Talisman, Petrofac, Newfield and Murphy.
A total of 10 new godowns are expected to be built in the area as well, while the remaining will be open compounds.
Meanwhile, for the first quarter period ended March 31 this year, the group achieved a revenue of RM47.36 million, an increase of RM5.13 million or 12 per cent from RM42.23 million reported in the same quarter of last year.
Profit before tax for the first quarter rose 27 per cent to RM14.9 million from RM11.7 million in the previous corresponding quarter. The pre-tax profit was also higher by 20 per cent when compared with the RM12.4 million recorded in the preceding quarter.--BERNAMA
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