Bintai Kinden Corporation Berhad has secured a series of sub-contract projects from Petro Flanges & Fittings Sdn Bhd to supply piping materials for potential oil and gas customers.
The contracts were awarded to the company’s subsidiary Bintai Energy Sdn Bhd to supply piping materials to established oil and gas-related companies in Malaysia. The job scope encompasses supplying pipes, valves, fittings, and flanges for onshore and offshore pipeline projects for RM1.6 million. Bintai Energy is a 51:49 joint venture between Bintai Kinden and PFF, a special purpose vehicle that will cater to the local and international O&G industry including the Middle East via the distributorship channel of PFF
Encik Azri Azerai, Executive Director of Bintai Kinden said, the award is Bintai Energy’s maiden contract to supply piping materials to the local O&G-related companies. “The O&G industry has staged a strong recovery with higher crude oil prices. We are seeing an upward trend in all segments. There are a few more opportunities in the pipeline that we are currently working hard on and we hope to deliver more good news in the near future,” he added.
The contracts are non-renewable and estimated to be completed within a range of 4 to 10 weeks or more from the commencement date, subject to the term of each contract. It is not expected to have any material effect on the issued and paid up share capital of Bintai Kinden but is expected to contribute positively to the future earnings of the Group.
