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GF disrupts bunkering industry with smart partnerships

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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), held a signing ceremony on 21 May 2019 to establish smart partnerships with various corporations from the oil and gas value chain, earmarking the start of an emergent integrated business model for the industry.

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.

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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 can 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 clients’ requirements.

Its five-pronged smart partnership approach involves collaboration with various parties that are experts in their respective fields, such as port owners/operators, fuel suppliers, storage providers, logistics specialists and collateral management experts. GF is 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.

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 operations at Lumut Port in anticipation of an expected high-volume demand.



To realize its transformational roadmap, accelerate expansion and create value for shareholders, GF is anchoring its growth trajectory on two blue-chip companies. GF will also be servicing vessels from other local and international corporations at Lumut Port. GF wants to capture a market share of vessels traversing the Straits of Malacca by promoting Lumut Port as a cheaper and time-saving alternative to Singapore.

With these, it aims to trade a conservative 1.2 million MT fuel per annum, and to double the volume within the next two years. GF is gearing forward as a serious offshore player that specializes in bunkering solutions for the oil and gas industry in Asia Pacific.

Witnessed by Group CEO of WECT and Chairman of GF, Dato’ Brian Wee, two agreements and a Memorandum of Understanding (MOU) were signed by CEO of GF, Dato’ Sri Mahendran Chelladorai 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 Bhd, 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.

SMART PARTNERSHIPS
are collaborations linking the assets and initiatives of corporations and institutions with assets, expertise and resources for powerful and long-term impact. They build on existing plans and arrangements with asset thinking, collaborative leadership and network strategy.

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