Dutch tank terminals group Royal Vopak has signed for a $1.25bn loan to develop its Malaysian joint venture operations.

The PT2SB cooperation with Petronas, Dialog Group and the state of Johor has arranged the finance with nine banks for its Pengerang facility.

The loan matures over 15 years at variable interest rates. Lenders include AmInvestment Bank, DBS, ING Bank, Maybank, MUFG, Natixis, OCBC, SMBC and UOB.