29/6/2005 (The Star) - THE Assar Senari group has secured funding fromthe RHB group for its proposed independent oil terminal (IOT) and palm oilrefinery projects in Kuching estimated to cost RM300mil.

RHB Sakura Merchant Bankers Bhd, RHB Bank Bhd and RHB Islamic Bank Bhd arejointly financing the two projects through a mix of instruments.

The IOT is being built to cater to the bulk storage and distribution ofpetroleum-related products.

When the refinery is operational, Assar Senari said it was expected tosave nearly RM20mil a year in transportation costs of palm oil and palmkernel from southern Sarawak to similar facilities in Bintulu, some 700kmaway.

Assar Senari, in collaboration with KPA, is building an oil and gas jettyto serve the IOT and refinery. The proposed jetty, also funded by the RHBgroup, will be ready in two months.

The Assar Senari group signed four separate agreements with the RHB groupand Chiyoda/PPES Works JV for the financial packages and contract awardrespectively in Kuching yesterday.

Sarawak Chief Minister Tan Sri Abdul Taib Mahmud, who witnessed theceremony, said the private sector had now become the prime mover inspearheading the state's economic development.