SINGAPORE (Feb 9): PEC has secured a seven-year daily maintenance contract from a new client, Nghi Son Refinery and Petrochemical (NSRP), in Vietnam.
NSRP, which owns the Nghi Son Refinery and Petrochemical Complex (NSRP Complex), is a joint venture between Idemitsu Kosan Co, Kuwait Petroleum Europe B.V., Vietnam Oil and Gas Group (Petrovietnam) and Mitsui Chemicals, Inc.
Under the new contract, the group will be providing long term daily maintenance services for the entire NSRP Complex. This US$9 billion ($12.7 billion) project is the largest integrated refinery and petrochemical project in Vietnam with a refining capacity of 10 million tons per year.
The contract, whose value was not revealed, is not expected to have a material impact on the earnings per share or net tangible assets per share of the group for the financial year ending June 30 2017.
Shares of PEC closed 1 cent lower at 55 cents.
