Malaysia-listed investment holding company Techfast Holdings Bhd on Tuesday (23 March) said its wholly owned subsidiary Fast Energy Sdn Bhd on 12 March entered into a marine gas oil (MGO) supply agreement with Huang Fan Sdn Bhd.
Huang Fan is a Malaysian company principally engaged as a subcontractor in sand barrier projects, dredging, drilling, blasting, land reclamation, marine sand reclamation, marine construction and subsea structures.
Huang Fan was awarded a sand-freighting contract to ship up to 100,000,000 cubic meters of sand from designated sand sources in Malaysia by way of conveyor vessels to sand stockpiles at Tuas, Singapore. Huang Fan will carry out the sand-freighting contract with seven (7) vessels.
As part of the agreement, Fast Energy has agreed to supply up to 6,000,000 litres of the MGO per month to Huang Fan as bunkers for its vessels over a period of 45 months.
The aggregate contract value for agreement is estimated at MYR 540,000,000 (USD 130,608,342) based on present market prices.
Techfast said it anticipates it will commence supply of MGO by the end of March 2021 provided all conditions precedent under the agreement has been fulfilled.
Related: Malaysia: Techfast Holdings & Wise Marine ink USD 540 million bunker supply contract
Related: Malaysia: Techfast starts oil trading unit, unveils bunker supplier ambition with proposed CCK Petroleum acquisition
Related: Malaysia: Techfast Holdings acquires 35% stake in bunker trading firm CCK Petroleum
Photo credit: Techfast Holdings Bhd
Published: 24 March, 2021
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