Oiltek International Limited has been awarded new contracts in Indonesia worth RM62.1 million. These new contracts involve the design, fabrication, delivery, testing and commissioning of three new texturization plants in relation to the proposed development of a new integrated refinery complex, and a new 500 metric tonnes per day (MTD) physical refinery plant, and a new 600MTD dry fractionation plant.

The cumulative value of new contracts won in the first five months of FY2023 amounts to RM219.9 million, which has surpassed the RM196.1 million worth of contracts won in FY2022.

These latest contract wins bring the Group’s current order book to approximately RM393.4 million, which is another new high for the Group. The Group’s current order book is expected to be fulfilled over the next 18 to 24 months, barring any unforeseen circumstances.

Mr Henry Yong Khai Weng, Executive Director and CEO of Oiltek, said, “With these new contracts, the total value of new contracts secured within this year has surpassed that of the previous year. This is a testament to the hard work and dedication of our team, and it is a clear indication of our Company’s continued growth and success. As we move forward, our focus continues to be on building a strong order book. This will enable us to achieve sustainable growth and provide long-term value for our shareholders.”

The new contracts are expected to contribute positively to the financial performance of the
Group in FY2023.

Oiltek’s share price as of 17 May 2023 after market close was S$0.220.

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.

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