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Oiltek clinches $11.0 mil worth of new contracts

Felicia Tan
·2-min read

The contracts are expected to contribute positively to the group’s financial performance for the FY2022.

Oiltek International’s wholly-owned subsidiary, Oiltek Sdn Bhd, has been awarded contracts valued at a total of RM35.2 million ($11.0 million) on July 25.

The contracts include a new contract to design, fabricate, supply, and commission a new 800 metric tonnes per day (MTD) physical refinery plant, a new 1,200 MTD dry fractionation plant and a new 500 MTD bleaching plant in Malaysia.

The additional new contracts also include a new 100 MTD physical refinery plant in Pakistan, the upgrading of an existing 600 MTD dry fractionation plant in Indonesia and a new glycidyl fatty acid esters (GE) mitigation system for an existing 1500 MTD refinery plant in Malaysia.

The new contract wins bring the group’s new contracts for the FY2022 ending Dec 31 to around RM84.4 million in value.

The group’s order book to date stands at an estimated RM178.2 million. The contracts are expected to be fulfilled over the next 18 to 24 months. They are also expected to contribute positively to the group’s financial performance for the FY2022.

“Oiltek has managed to maintain its growth momentum amidst a volatile global economy that is affected by the ongoing Covid-19 pandemic and increasing geo-political tensions,” Henry Yong Khai Weng, executive director and CEO of Oiltek.

“We continue to secure projects from Indonesia and Malaysia, the top two leading producers of palm oil, and up-and-coming producers like Pakistan,” he adds, calling the contract wins a “testimony” to the group’s customers’ recognition of the “high quality and value of our process engineering solutions”.

“We will continue our business development efforts to acquire more projects in both the edible & non-edible oils and renewable energy segments so as to build on our track record as a leading integrated process technology and renewable energy solutions provider in Asia,” he continues.

Shares in Oiltek closed at 22 cents on July 22.

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