Brunei Methanol Tanker Sendirian Berhad (BMT) today signed a Facility Agreement with Baiduri Bank Berhad to finance its first methanol tanker.

Present as guest of honour at the signing ceremony was Yang Mulia Pengiran Dato Paduka Haji Abu Bakar bin Pengiran Seri Indera Pengiran Haji Ismail, Permanent Secretary at the Prime Minister’s Office and a member of the Board of Directors of PetroleumBRUNEI.

The Facility Agreement was signed between Haji Md Jamil bin Haji Md Salleh, Chairman of Brunei Methanol Tanker and Mr Raymond Bariou, Senior Deputy General Manager of Baiduri Bank. The document was witnessed by Haji Mohd Ja’afar bin Haji Awang Bakar, CEO of PetroleumBRUNEI and Mr Pierre Imhof, General Manager of Baiduri Bank.

This Facility Agreement between BMT and Baiduri Bank will provide financing of up to USD15M for the construction of a 5500 metric-tonne methanol tanker by the Ningbo Dongfang Shipyard in China. BMT’s methanol tanker will bring the number of Brunei flag-flying ocean-going vessels to nine, from the existing eight, when it is commissioned by 2010.

In his speech, Hj Jamil said, “BMT believes in developing win-win relationships and outcomes with our partners and the nation. We aim to prioritise working together with local financial institutions in funding our projects. These institutions have shown keen interest to be involved in our projects - I hope this interest continues to grow with us.”

Hj Jamil also indicated that there will be more opportunities for other local banks to work with BMT as it grows and requires more investment to fulfill its goals.

BMT was formed in April 2008 as a joint venture company between PB Logistics Sdn Bhd (a subsidiary of PetroleumBRUNEI), Kokuka Sangyo and Itochu Corporation to transport methanol produced by Brunei Methanol Company (BMC) to its customers.