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Oiltek International subsidiary wins new contracts worth $11.8 mil in Malaysia and Indonesia

Felicia Tan
Felicia Tan10/4/2022 02:48 PM GMT+08  • 1 min read
Oiltek International subsidiary wins new contracts worth $11.8 mil in Malaysia and Indonesia
One of Oiltek's 100 MTD physical refining plants. Photo: Oiltek International
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Oiltek Sdn Bhd, the wholly-owned subsidiary of Catalist-listed Oiltek International, has secured new contracts in Malaysia and Indonesia worth a total of RM38.3 million ($11.8 million).

The new contracts bring the total value of new contracts secured by the group to RM122.7 million for the FY2022 ending Dec 31.

The group’s order book now amounts to approximately RM193.3 million and is expected to be fulfilled over the next 18 to 24 months.

While the new contracts are not expected to have a material impact on the group’s financial performance for the FY2022, they are expected to contribute positively to its financials for the FY2023.

“We continue to work hard to maintain our growth momentum by acquiring more projects in both the edible & non-edible oil refinery and renewable energy segments,” says Henry Yong Khai Weng, executive director and CEO of Oiltek.

“The latest contract wins reflect the underlying growth of the global palm oil industry, and Oiltek will continue to leverage its capabilities, technology know-how and proven track record to secure more projects in existing and new palm oil markets,” he adds.

See also: Keppel delivers first of three rigs originally built for Borr Drilling to ADNOC, collects payment of US$160 mil

As at 2.48pm, shares in Oiltek are trading flat at 22 cents.

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