EPIC, Qaswa To Explore Partnership In Brunei's Maritime, O&G Industries

From Danni Haizal Danial Donald

BANDAR SERI BEGAWAN, Nov 1 (Bernama) -- Terengganu state-linked company Eastern Pacific Industrial Corporation Bhd (EPIC) has signed a letter of intent (LOI) with Brunei-based Qaswa Holdings Sdn Bhd (Qaswa) for a partnership in the Brunei Maritime Cluster, involving its integrated marine maintenance and decommissioning facility in particular.

EPIC group chief executive officer Muhtar Suhaili said the potential partnership marks a significant chapter for EPIC Bhd as the company expands its international footprint and expertise. 

"We are thrilled to explore this high-impact venture, which not only aligns with our growth strategy but also contributes to the development of Malaysia’s and Brunei Darussalam’s economy and marine capabilities.

"We look forward to cultivating a lasting business partnership rooted in strong integrity, one that promotes sustainable growth for all involved and extends benefits to a broader community for both Malaysia and Brunei,"  he said in his speech during the LOI signing ceremony at Brunei's finance ministry here today.

Muhtar said the potential partnership will strengthen EPIC Bhd's position as a reliable player in the oil and gas industry while driving innovation in decommissioning and marine services.

"On behalf of EPIC Bhd, we pledge our full support, as the outcomes achieved will drive sustainable growth for all involved and enhance the quality of our service," he added.

The oil and gas solutions provider also said the LOI paves the way for the company to potentially acquire shares in Qaswa and support the operations of Brunei's first integrated marine maintenance yard and decommissioning yard.  It said the 14.97-hectare integrated yard site situated at Pulau Muara Besar, Brunei, was developed by a consortium consisting of local lead partner Qaswa, the Ministry of Finance and Economy’s Strategic Development Capital Fund, and two foreign companies serving as lead technical partners.

"The yard is slated to be operational by 2026 and will be a hub for sustainable marine services in the region, offering key services such as marine maintenance, repair, and overhaul (MRO) and decommissioning remediation," said EPIC.

The LOI signing ceremony was signed by Muhtar on behalf of EPIC while Qaswa was represented by its director Muhammad Luqman Hakeem and general manager Hafriz Fayadh Musa. 

The signing ceremony was also witnessed by the Menteri Besar of Terengganu Datuk Seri Dr Ahmad Samsuri Mokhtar and Minister of Finance and Economy II of Brunei Datuk Seri Dr Awang Haji Mohd Amin Liew Abdullah and the High Commissioner-designate of Malaysia to Brunei Datuk Mohd Aini Atan.

-- BERNAMA