MUAR (Nov 29): Johor launched on Saturday the 3,200-acre Maharani Freeport in Muar as a three-island deep-water free zone, designed to serve regional oil and gas activities along the Strait of Malacca.

Located within the Muar port limits, the private-sector initiative spans across three purpose-built reclaimed islands and a mainland plot housing an energy hub, deep seaport, industrial park and financial hub, said developer Maharani Energy Gateway Sdn Bhd (MEG).

The freeport is envisioned to offer tax exemptions on energy and maritime businesses, import-duty exemptions on most raw materials and equipment for manufacturing, unrestricted capital and profit repatriation, and allows 100% foreign ownership subject to conditions, according to the project's fact sheet.

The facility leverages natural depths exceeding 24 metres that enable very large crude carrier operations along the world’s busiest oil route, it said. 

Core activities planned at the freeport include oil and gas trading, product storage, ship-to-ship operations, refinery and petrochemicals, as well as liquefied natural gas (LNG) floating terminal and ship repairs. 

The project "is already doing business", said MEG executive chairman Datuk Dr Daing A Malek in a statement. 

"This initiative is forecasted to create at least 45,000 of direct and indirect jobs, and uplift local businesses in logistics, ship repair, construction and services,” he said.

The project, supported by both federal and state governments, was inaugurated by the King, Sultan Ibrahim Sultan Iskandar.

The launch was also attended by Prime Minister Datuk Seri Anwar Ibrahim, who said the government gazetted the Maharani Freeport status and free zones on Friday, Nov 28, and is now "open for business".

MEG is the master developer, landowner, and deep-seaport operator.

The port will have its own freeport authority, and will operate a one-stop investor facilitation centre…

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