Stock Track | Oiltek Soars 3.23% in Pre-Market on New $350 Million Sustainable Aviation Fuel Plant Deal

Stock Track

Apr 06

Oiltek International Limited's stock surged 3.23% in pre-market trading on Monday. The significant move followed the company's announcement of a major new project agreement.

The company disclosed that its subsidiary, Oiltek Sdn. Bhd., has signed a heads of agreement with Bioseaga Industries Sdn Bhd to act as the exclusive contractor for a proposed sustainable aviation fuel (SAF) production facility in Sabah, Malaysia. The estimated contract value for the project is approximately USD 350 million, with the planned facility having a capacity of about 300 metric tonnes per day.

This positive development comes alongside an update that a previous heads of agreement with PT Kilang Pertamina Internasional for an Indonesian project has lapsed without a definitive agreement being signed. However, the company stated this expiry is not expected to have a material impact on its financial performance for the year.

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The significant move followed the company's announcement of a major new project agreement.</p><p>The company disclosed that its subsidiary, Oiltek Sdn. Bhd., has signed a heads of agreement with Bioseaga Industries Sdn Bhd to act as the exclusive contractor for a proposed sustainable aviation fuel (SAF) production facility in Sabah, Malaysia. The estimated contract value for the project is approximately USD 350 million, with the planned facility having a capacity of about 300 metric tonnes per day.</p><p>This positive development comes alongside an update that a previous heads of agreement with PT Kilang Pertamina Internasional for an Indonesian project has lapsed without a definitive agreement being signed. 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