Hubline and PSB Establish Joint Venture for Methanol Transport in Sarawak
Hubline Berhad and Permodalan Satok Berhad have formed a joint venture, PSB Hubline Sdn Bhd, to transport methanol and chemical products in Sarawak. Hubline will hold a 60% stake, while PSB holds 40%. The JV aims for sustainable growth and aligns with the Sarawak government's goal to develop a high-value petrochemical hub by 2030. The partnership will also support the Sarawak Gas Roadmap and includes plans for green energy initiatives with the construction of dual-fuel chemical tankers.
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Hubline Berhad and Permodalan Satok Berhad have entered a joint venture named PSB Hubline Sdn Bhd for methanol and chemical transport in Sarawak. Hub Carrier Sdn Bhd, a subsidiary of Hubline, holds a 60% stake in the JV, while PSB has 40%.
The initial share capital is set at 1,000,000 shares at RM1.00 each. The collaboration aims to enhance Sarawak's petrochemical and maritime sectors, supporting the government's vision for a regional petrochemical hub by 2030. The JV will also facilitate the export of chemicals and has plans to construct dual-fuel chemical tankers for green energy initiatives.
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