KUALA LUMPUR, Feb 3 — CIMB is not seeking to run the troubled multibillion-ringgit oil terminal project in Johor of which it is the main financier, but is seeking investors to take it over, RHB Research Institute said today.

RHB also said that while the loan to Asia Petroleum Hub (APH) had only been partially  drawn down, there were no plans for  further disbursements at this point in time.

APH reportedly owes CIMB some RM840 million, which was part of a RM1.4-billion bridging loan facility provided  back in 2006.

It was also reported yesterday that as part of the settlement hammered out in recent days, the current shareholders — KIC Oil & Gas (90 per cent stake) and UMNO-linked Trek  Perintis (10 per cent) — had agreed to surrender their equity holdings, although it was not clear if they received financial compensation.

“From our conversation with management, we understand that CIMB does not intend to end up as a shareholder of APH  but rather, CIMB has been seeking suitable investors to take over APH and complete the project,” RHB said in a report today.

“Finally, although the loan has only been partially drawn down, we were made to understand that there were no plans for further disbursements at this juncture.”

It added, however, there was a possibility that APH might be able to draw down on the loan if new investors were found to complete the project.

APH in Johor was once billed as one of the world’s largest fully integrated terminals but was put under receivership by financier CIMB Bank, and PricewaterhouseCoopers were appointed as receivers and managers of the project three weeks ago.

It was designed with a storage capacity of 924,000 cubic metres and large trans-shipment capacity, and located on a 40-ha reclaimed island off the coast of Johor.

RHB said APH was to be completed in 2009 but was now only 60 per cent completed following delays as the soil on the island was found to be unsuitable to be built on.