Catalist-listed Oiltek International has been awarded a new contract to design, fabricate, supply, and commission a crude palm kernel oil refinery plant and a lauric refinery plant with ice condensing vacuum systems by a leading and reputable palm oil processor and exporter located in Indonesia.
The crude palm kernel oil refinery plant will have a capacity of 1,500 metric tonnes a day, while the lauric refinery plant will have a capacity of 600 metric tonnes a day.
The contract has brought Oiltek’s order book to a new historical high of RM198.1 million ($63.8 million). It has also raised the total value of new contracts secured for the FY2022 ending December to RM49.2 million.
The group’s order book is expected to be fulfilled over the next 18 to 24 months.
The contract was signed by Oiltek’s wholly-owned subsidiary, Oiltek Sdn. Bhd, and is expected to contribute positively to the group’s FY2022 financial performance.
“The new contract secured is part of our continued business efforts to secure more projects from existing and new customers with our expanding range of process engineering solutions that leverage on our capabilities, technological know-how, and proven track record,” says Henry Yong Khai Weng, executive director and CEO of Oiltek.
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“Indonesia, as the world’s leading producer of palm oil, is an important market for us and we intend to continue to grow our footprint there. Since our listing on SGX-Catalist in March this year, we continue to work hard to deliver results to all our stakeholders. We aim to maintain our growth momentum with the continued acquisition of projects in both the edible & non-edible oil refinery and renewable energy segments so as to build up our order book.”
As at 10.51am, shares in Oiltek are trading flat at 22.5 cents.
