PHOTOS BY CANON POWERSHOT SX 720 HS
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GF DISRUPTS BUNKERING INDUSTRY WITH SMART PARTNERSHIPS SIGNED AND SEALED ON TUESDAY 21 MAY 2019 AT LE MERIDIEN KUALA LUMPUR
Servicing blue chip clients as the first and sole bunkering operator in Lumut Port
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GF Offshore Sdn Bhd (“GF”), an integrated bunkering solutions provider and a subsidiary-in-waiting of WECONNECT Tech International Inc (“WECT”), is establishing smart partnerships with various corporations from the oil and gas value chain, earmarking the start of an emergent integrated business model for the industry.
Speaking at the signing ceremony with its smart partners, Dato’ Sri Mahendran Chelladorai, CEO of GF, said, “Many oil and gas companies believe they need to build capabilities across the entire value chain. In a dynamic market, however, the owner-operator model is a disadvantage as the costs incurred might outweigh the value generated.
"GF chooses to form smart partnerships, creating an asset-light business model where the shift away from operations means a low gearing that in turn could convert into higher return value. GF aims to be known as a company that is agile, transparent and resourceful in delivering quality products and services that meet our clients’ requirements.
“Our five-pronged smart partnership approach involves collaboration with various parties who are expert in their respective fields, such as port owner/operator, fuel suppliers, storage providers, logistics specialists and collateral management experts.
"We are able to form strategic partnerships and provide integrated bunkering solutions as a result of a wide network of suppliers, vendors and service providers in Malaysia and around the region.
"SMART PARTNERSHIPS are collaborations linking the assets and initiatives of corporations and institutions with assets, expertise, and resources for powerful, long-term impact. They build on existing plans and arrangements with asset thinking, collaborative leadership, and network strategy.
"As the first and sole bunkering operator in Lumut Port, GF has the first mover advantage in a strategic base that is located at the center of the Straits of Malacca, the second busiest waterway in the world that sees more than 84,000 vessels traveling the route per annum.
"It also aims to establish the first Floating Storage and Offloading (FSO) operations at Lumut Port in anticipation of an expected high-volume demand.
“To realize our transformational roadmap, accelerating our expansion and creating value for our shareholders, we have anchored GF’s growth trajectory with two blue-chip companies. We will also be servicing vessels from other local and international corporations at Lumut Port.
"We also want to capture market share of vessels traversing the Straits of Malacca by promoting Lumut Port as a cheaper and time-saving alternative to Singapore. “With these, we aim to trade a conservative 1.2 million MT fuel per annum, and to double the volume within the next two years.
“We will remain focused on our transformational journey to delivering long-term sustainable value for our clients and stakeholders. Backed by our fully integrated and strategic business model together with our solid client base, we are gearing forward as a serious offshore player that specializes in bunkering solutions for the oil and gas industry in Asia Pacific.”
Witnessed by Founder/Director of WECT and Chairman of GF, Dato’ Brian Wee, two agreements and a Memorandum of Understanding (“MOU”) were signed today by Dato’ Sri Mahendran and representatives from its smart partners, including port partner Lumut Maritime Terminal Sdn Bhd, storage partner KL Bunkering (M) Sdn Bhd and collateral management partner, PM Access World (Malaysia) Sdn Bhd. GF has signed an MOU with its logistics partner, Straits Inter Logistics Berhad, at an earlier date.
Also present at the signing ceremony were Business Alliance Strategist, Yang Di Mulia Muhammad Kin Eezaz and Director of WECT, Dato’ Stanley Wong.
List of agreements/MOU signed • Terminal Services Agreement between GF Offshore Sdn Bhd and Lumut Maritime Terminal Sdn Bhd (“Lumut Port”), where GF is appointed as the first bunkering operator at Lumut Port, Perak •
Storage Agreement between GF Offshore Sdn Bhd and KL Bunkering (M) Sdn Bhd (“KLB”), where GF appoints KLB as our fuel storage partner • Logistics MOU between GF Offshore Sdn Bhd and Straits Inter Logistics Berhad (“SILB”), where GF appoints SILB as our logistics partner • Collateral Management MOU between GF and PM Access World (Malaysia) Sdn Bhd (“Access World”), where GF appoints Access World as our collateral management partner
About GF Offshore
GF Offshore Sdn Bhd was established in 2013 with one single vision — to be a leading offshore service provider that specializes in bunkering solutions for the oil and gas industry in Asia Pacific. Through our smart partnerships with corporations across the oil and gas value chain, GF offers integrated bunkering solutions, storage services, and offshore and onshore oil trading to clients ranging from blue-chip corporations to various industrial players.
On 18 March 2019, GF entered into a share exchange agreement with WeConnect Tech International Inc, a public listed e-commerce company in the United States, where WECT acquired 60% of the ordinary shares in GF as part of the diversification plan.
This marked an important milestone for GF, as the combination of expertise and resources will enable the company to accelerate growth and take on larger contracts in the Asia Pacific region. Leveraging on WECT, GF is tapping into the capital market to raise funds and strengthen its financial position.
Backed by our fully integrated business model — smart partnerships with reputable corporations — we are set for transformative growth as we expand our footprint across the Asia Pacific region. For more information, visit www.gf-inc.co
About WeConnect Tech International Inc
Listed on the OTC market in the US, WeConnect Tech International Inc is an innovative multidimensional e-commerce platform that facilitates shopping, business, and trade – integrating the best of online and offline transactions in one single app.
WeConnect acts as an online market place where businesses and entrepreneurs offer end consumers a convenient and rewarding online shopping experience.
About Lumut Maritime Terminal Sdn Bhd Strategically located at the center of the Straits of Malacca, Lumut Port was established as a State Port and a catalyst for economic growth, development and industrialization of the State and the nation in general.
Lumut Port owns and operates the port at Kg Acheh, Lumut which was officiated on 24 July 1995. In 2002, Lumut Port began to operate and manage Lekir Bulk Terminal, which is currently South-East Asia’s largest dry bulk unloading facility, and is designed to handle dry bulk cargoes and it primarily handles coal for Station Janakuasa Sultan Azlan Shah in Seri Manjung.
About KL Bunkering (M) Sdn Bhd
Based at Pulau Indah Free Commercial Zone, Port Klang, KL Bunkering (M) Sdn Bhd owns the biggest storage facility for fuel oil in central Malaysia and the largest distribution network throughout Malaysia.
It has five fuel tanks on the facility with total capacity of 200,000 MT, and five Tank Truck Loading Racks (TTLR) which can accommodate the largest fuel tank trucks in Malaysia. It can also accommodate up to 1,000 tank truckloads a month, with round-the-clock operations.
About Straits Inter Logistics Berhad
Straits Inter Logistics Berhad (SILB) is in the business of oil trading and bunkering. It owns nine vessels with a total capacity of 12 million liters to carry out its oil bunkering services to remove reliance on chartered vessels.
SILB operates at nine ports in Malaysia with a loaded capacity of 12 million liters per annum. About PM Access World (Malaysia) Sdn Bhd Access World is an end-to-end logistics service provider company providing among others collateral management service where it manages pledged materials on behalf of clients and financiers, providing the financial community the security and comfort to offer clients the required finance.
The company manages around 5 million tonnes of various commodities in over 150 warehouse facilities and is active in more than 25 countries and has more than 1,000 employees globally.
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VIP GUESTS OF YDM TENGKU KIN;
1. YDM Tengku Kin
2. Dato Kee Hua Chee
3. Dato Sri Chong
4. Dato Lim Yuen Leong
5. Mr. Khor Kok Hooi
6. Mr. Khor Way Khang
7. Dato Sri Seow KF
8. Mr. Lee Woon Wee
9 Dato Queen Look
10. Datin Christine Lai
11. Ms. Wendey Woon
12. Ms. Amiyo Tan
13. Ms. Thyu Hoa
14. Ms. Jun Ng
15. Ms. Kang Gek Choo
16. Ms. Jenifer Chong
17. Ms. Shak Yuet Ching.
18. Ms. Boon
19. Mr. Keny Lim Khain Yap
20. Mr. Chong Yoon Hon
21. Mr. Cheah Wen Kiat
22. Mr. Dexter Sum
23. Mr. Alston Sik
Dato Sri Alan Kuang
Datin Sri Alan Kuang
Dr. SK Chiang
Mrs. Chiang
Ms. Connie Soh
Ms. Krystal Khor
Mr. Vincent Lee
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