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Malaysian trader to build oil tank farms in China

Ben Rautin Sdn Bhd, a global trading company based in Malaysia, plans to develop a cluster of oil tank farms and a port in Lufeng, China, which is expected to require an initial capital spending of about US$3 billion (RM10.41 billion). Its founder and managing director, Ismail Rautin Ibrahim, said the port and tank farms would be an extension of its US$5 billion (RM17.35 billion) refinery and petroleum-based industrial park, including a township developed in the same city. “With the acquisition of 20 sq km land, we have in total 30 sq km site to develop an industrial park, township, tank farms and a port in Lufeng,” he said. (August 6, 2007)