EASTERN Pacific Industrial Corp Bhd (EPIC), via its partnership with PT Sugico Graha, will now have a strategic platform for its entry into the regional oil and gas market.

A conditional joint venture and shareholders agreement was signed between Eastern Pacific Labuan Ltd (EPLL), a wholly-owned subsidiary of EPIC, and PT Sugico yerterday.

The agreement would allow both parties to build and operate on the proposed petroleum supply base, which includes port and jetty operations, in Balikpapan, East Kalimantan, Indonesia.

A joint-venture company, known as PT Kalimantan Supply Base, will be established. As part of the agreement, EPLL's contribution to the paid-up capital of the joint-venture company will not exceed RM15 million.

"We wil fund the investment in the joint-venture company through EPLL from internal funds." said EPIC in its filing to Bursa Malaysia Bhd yesterday.

EPIC shares on Bursa Malaysia closed 1 sen higher at RM1.76 yesterday.