A subsidiary of Alpha Ocean Resources, Asia Ocean Resources, has entered into a memorandum of agreement (MOA) with Penang Port to collaborate on the development and operation of a dedicated tuna landing and processing hub at the Port of Penang in Malaysia.
The MOA establishes a preliminary framework for the two parties to work together on the new facility, which will include water and bunker fuel services, cold storage rooms, an EU-certified processing plant, and power supply sources for vessels and containers.
The agreement is valid for two years, during which the parties will negotiate a definitive agreement.
Under the terms of the MOA, Penang Port will provide a suitable area within the port for the new hub and will facilitate the necessary approvals and access rights.
Asia Ocean Resources will be responsible for investing in, designing, and constructing the facilities at its own cost, and will then manage the day-to-day operations.
The company will also ensure that the facilities comply with relevant domestic and international regulatory standards, including those of the European Union and the United States Food and Drug Administration.
The companies stated that they will establish a joint working committee to facilitate the implementation of the collaboration and to jointly promote Penang as a “global tuna hub.”
The stated rationale for the project is to strengthen Malaysia’s position in the global seafood supply chain.
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