Tan Sri Dr Ngau Boon Keat
Dialog Group Bhd
Net worth: RM1.741bil
DIALOG Group Bhd’s transformation as an oil and gas service provider to an operator of an integrated petroleum terminal and storage hub could not have come at a more opportune time.
Last year, the company that is helmed by the 69-year old Ngau, saw its oil and gas integrated terminal at Pengerang that offers tankage facilities, operate at full capacity.
The company also embarked on the second phase of the storage terminal project where its partner is Petronas. Dialog’s partners in the first phase are Vopak of Netherlands and the Johor State Government.
The collapse in the global crude oil prices over the past two years saw a reverse in the fortunes of Dialog Group Bhd, co-founded and executive chairman Tan Sri Ngau Boon Keat.
Ngau’s net worth reduced by 4.1% to RM1.741bil in 2016 compared to the previous year, placing him on the 30th spot on Malaysia’s top 40 richest list, down from 26th spot in 2015. Nevertheless, that is only to be expected as the crude oil price is down.
Main board listed Dialog started as an integrated technical services provider to the upstream, midstream and downstream sectors in the oil, gas and petrochemical industry.It was one of the best performers in the sector until crude oil prices started to slide.
The prolonged bearish oil and gas (O&G) market sentiment saw Dialog’s share price dragged down to RM1.54 from RM1.60 as at end-2016.
However, under Ngau’s dynamic stewardship, Dialog has transformed into a global oil-and-gas services provider specialising in storage tank terminals, engineering services and crude refining facility with presence across nine countries namely Malaysia, Singapore, Thailand, Indonesia, China, Australia, New Zealand, Saudi Arabia and UAE.
The location of the deepwater terminal in Pengerang has placed Dialog in a position to tap into a market that includes multinational oil majors, national oil companies as well as multinational engineering and services providers worldwide.
Ngau’s ambitious foray to build a deepwater oil-services hub in Pengerang, Johor started several years ago.
Ngau’s vision was to build an oil and gas deepwater storage terminal and position it as Asia’s version of the Rotterdam Port.
The first phase of the Pengerang Deepwater Terminal project cost the group and its partners some RM5bil.
Operating at full speed, it is now able to handle the storage, blending and distribution of crude oil, gas and petroleum products.
Dialog will remain busy with work in the Pengerang deepwater terminal associated with the handling, storage and distribution of crude oil and byproducts of the Refinery and Petrochemicals Integrated Development complex for eth next few years.
The second phase of the deepwater terminal costs an estimated RM6.3bil, with 2.1 million cu m of storage capacity.
This project will be completed progressively in 2018 and 2019.
Dialog has also embarked on a joint venture with Petronas Gas Bhd for the development of liquefied natural gas (LNG) regasification facilities, comprising a regasification unit and two units of 200,000 cu m of LNG storage tanks with an initial send-out capacity of 3.5 million tonnes per annum for a total investment cost of RM2.7bil.
Source: The Star