In addition, Oiltek has the right to take an equity stake in future stages of the facility.
Heidi Mo of UOB Kay Hian has raised her target price for Oiltek International to $1.05 from $2.78, after the company won a US$350 million deal to build a sustainable aviation fuel facility in Sabah, bringing its total order book to RM1.8 billion.
The contract was given by Brunei's Bioseaga Industries and the plant will have a planned capacity of around 300 metric tonnes daily.
