Maharani Freeport is located in the southernmost state of Johor and along the Straits of Malacca, one of the world’s busiest oil shipping routes. Sultan Ibrahim, who is also the ruler of Johor, holds a 40% stake in Maharani Energy Gateway Sdn Bhd, the developer.

The project “is already doing business, conducting oil trading, storage, transhipment, blending and mixing, and facilitating other services such as bunkering, marine, deep seaport, floating storage unit, ship-to-ship transfer for our customers and partners,” Daing A Malek Daing A Rahaman, executive chairman of Maharani Energy Gateway, said in a statement Saturday.

The free-zone development, spanning 3,200 acres across three reclaimed islands, integrates an energy hub, deep seaport, industrial park and financial hub, according to the statement. It is located in Muar in Johor.

Sultan Ibrahim, who has wide business interests, took the Malaysian throne last year, a role that has become increasingly important in determining who holds power in the Southeast Asian nation that saw a revolving door of prime ministers from 2018 through 2022.