Oiltek International Limited has been awarded a new contract in Indonesia worth RM19.4 million.
Mr Henry Yong Khai Weng, Executive Director and CEO of Oiltek, said, “This new contract from Indonesia is an auspicious start to year 2023 for Oiltek as we continue to secure projects against the backdrop of an uncertain global economy. The new contract is a reflection of our unique strengths and capabilities as a comprehensive one-stop total solutions provider. With Oiltek managing every aspect of the customer’s processing plant from design to installation, we bring added value to our customer by making it more efficient with a seamless installation of all the process equipment. We will continue our efforts to acquire more projects in both the Edible & Non-Edible Oil Refinery and Renewable Energy segments, so that our orderbook continues to be refreshed and grow.”
The new contract involves a turnkey project for the construction, fabrication, and installation of inside-battery-limits (ISBL) for a new downstream processing plant.
With the new contract, the Group’s current order book is RM229.3 million, and is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.
Oiltek’s share price as of 7 February 2023 after market close was S$0.225.
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About Oiltek International Limited
Oiltek International Limited, an established integrated process technology and renewable energy solutions provider, specialises in the provision of reliable, innovative, diversified, and comprehensive range of refinery processes and engineering solutions for use across all different sectors of the vegetable oils industry value chain globally. The history of the Group can be traced back to its principal operating subsidiary, Oiltek Sdn. Bhd., which was incorporated in Malaysia on 1 December 1980. With over 42 years of track record, Oiltek has successfully designed, built and commercialised plants in more than 33 countries across 5 continents.
Oiltek operates three key businesses – Edible & Non-Edible Oil Refinery, Renewable Energy, and Product Sales and Trading.
For its Edible & Non-Edible Oil Refinery segment, the Group provides engineering, procurement, designing, construction and commissioning (“EPCC”) services for edible and non-edible oil refining plants, downstream specialty products and processing plants; upgrading and retrofitting of existing facilities; and turnkey outside-battery-limits (“OSBL”) infrastructure engineering.
For the Group’s Renewable Energy segment, Oiltek provides services for renewable energy industries including EPCC of multi-feedstock biodiesel, enzymatic biodiesel, winter fuel, and palm oil mill effluent (“POME”) biogas methane recovery plants; upgrading and retrofitting of existing facilities; and turnkey OSBL infrastructure engineering which includes the environmental solutions and integration into steam and power generation.
Oiltek’s Product Sales and Trading segment generates recurring income for the Group, and its services include engineering component sales, agency and distributorship, and specialty chemical product trading.
