HONG Kong conglomerate Feoso Group, which has just opened its second plant in Westport, plans to increase its investment in Malaysia from the current RM125 million.

Feoso Group managing director Brandon Liu said the company’s first investment in the country was 10 years ago in Far East Terminal Two (M) Sdn Bhd, an oil storage terminal in Pasir Gudang, Johor.

It is operated on a joint-venture basis with Singapore-based Chinese oil trader Cosco Feoso (S) Pte Ltd.

Feoso has invested RM25 million in Westport Far East Oil Terminal Two (M) Sdn Bhd, a lubricant blending plant in Westport, Port Klang, to further enhance the group’s business capacity and product diversification in petroleum and energy industry,Liu said there is room for expansion at Westport as the land is only 70 per cent utilised.

Also present at the ceremony were Port Klang Authority executive chairman Tan Sri G. Gnanalingam, Feoso chief operating officer Zainuddin Abdul Majid and Feoso director Simon Li.

Far East Oil Terminal One, with 210,000 cubic metre-capacity storage terminal for handling and storage of petroleum products, is the largest independent oil tank farm in Malaysia.It stores, breaks bulk and distributes oil products in the Asia-Pacific region.

Meanwhile, Feoso’s wholly-owned Far East Oil Terminal Two is the largest independent lubricant blending plant in Malaysia with an annual blending capacity of 60,000 tonnes, producing lubricants like automotive, industrial, marine lubricants and transformer oil.

The plant, which has shipping services like warehousing, bunkering and oil trading, also repacks products like synthetic oil, brake fluids, greases and cutting oil.

Liu said there is also plan to extend the ownership of Far East Oil Terminal Two to Malaysians.

Earlier in his speech, Liu said Feoso has great confidence in Malaysia, particularly the country’s port development which augurs well for the company’s continued growth and expansion in the region.

“I am very confident in our investment here,” he said. “It is a cost-competitive. It is even more viable because of the highly-skilled workforce which spearheads our presence in the Association of South-East Asian Nations market,” he said.