STRAITS’ UNIT ACCELERATES SHIPPING’S ENERGY TRANSITION WITH PIONEERING DELIVERY OF ISCC EU CERTIFIED MARINE BIOFUEL IN MALAYSIA

KUALA LUMPUR — 30 April 2024 — Straits Energy Resources Berhad 海峡能源有限公司 (“Straits” or “Company”), a Bursa Malaysia-listed company, announced today that its subsidiary, Tumpuan Megah Development Sdn Bhd (“Tumpuan Megah”), successfully completed what is believed to be the first delivery of International Sustainability and Carbon Certification (“ISCC EU”) certified marine biofuel by a Malaysian supplier.

In partnership with Minerva Bunkering Pte Ltd, the world’s largest physical bunker supplier and a leading international marine fuel supplier, Tumpuan Megah supplied approximately 4,500 metric tonnes of ISCC EU-certified B24 marine biofuel to a containership operated by one of the world’s top 3 largest integrated logistics companies. The bunkering operation took place on the 25th of April 2024 at the Port of Tanjung Pelepas in the state of Johor.

Dato’ Sri Ron Ho Kam Choy, Managing Director of Straits Energy Resources Berhad, said:

“We are excited to announce that Tumpuan Megah, in partnership with Minerva Bunkering, has successfully supplied ISCC EU certified marine biofuel to a containership at the Port of Tanjung Pelepas. We believe this was the first delivery of certified sustainable marine biofuel by a Malaysian supplier, underscoring our commitment to support the industry’s transition to alternative fuels and reduce its impact on the environment.

Sustainable marine biofuels have the potential to substantially reduce carbon emissions and lower the overall carbon footprint of maritime operations. But shipping industry players must also be able to prove that the bio-content in their fuels is sustainable.

ISCC EU certification provides the shipping industry with much-needed assurance when it comes to the sustainability of their feedstock, traceability throughout the supply chain, as well as credible, verified emission reductions.

As Malaysia’s first ISCC EU-certified supplier and trader of maritime biofuels, and one of the nation’s leading suppliers of quality bunker fuels, we are positioned to play a key role in fueling the industry’s sustainable growth. As demand for marine biofuels accelerates, we expect this business to be a key contributor to our future earnings growth.”

Tumpuan Megah is mainly involved in ship-to-ship bunkering services as well as barging operations. In January 2024, Straits announced that Tumpuan Megah had become the first Malaysian industry player to achieve ISCC EU certification as a supplier and trader of biofuels, spearheading the industry’s efforts to lower shipping’s carbon footprint. The move also set the stage for Straits’ foray into the rapidly growing marine biofuel trading and bunkering industry.

With ISCC EU certification, maritime industry players can demonstrate compliance with the sustainability and GHG emission-saving criteria of the European Union (EU). This includes the EU Renewable Energy Directive (RED II), which has set strict guidelines for which biofuels can be considered sustainable. ISCC certification is recognised in key energy markets, including the European Union, the United Kingdom, Japan and Singapore.

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