PEC, the plant and terminal engineering specialist for the oil and gas, and petrochemical industries, says its subsidiary, Audex, has signed a contract worth US$174.5 million ($245 million) with ATT Tanjung Bin Sdn Bhd (ATB), to provide EPC works for an 841,000 cubic metre oil terminal for the storage of fuel oil, middle distillates and light distillates.

The oil terminal is located at Tanjung Bin within the Iskandar Development Region in Johor, Malaysia, and the EPC works are expected to be completed by March 2012.

ATB is 100% owned by Asia Tank Terminal (ATTL), a joint-venture company between Vitol Tank Terminals International B.V. (part of the Vitol Group) and MISC Berhad (maritime transportation and logistics provider). ATB will undertake the design, construction and operation of the oil terminal.

PEC expects a positive contribution to its earnings and financial performance for the financial year ending June 30, 2010 from this contract.