Oiltek secures new contracts worth $2.75m

The contracts will involve projects in Malaysia and South Korea.

SGX Catalist-listed and renewable energy solutions provider Oiltek International secures new contracts worth $2.75m (RM9.6m).

The new contracts involve the supply, installation and piping works for various processing plants and the upgrading and retrofitting of an existing texturizing plant in Malaysia.

It also involves the design, fabrication and delivery of one new 300 tonnes per day bleaching equipment in South Korea.

The cumulative value of new contracts secured in FY2023 amounts to approximately $92.3m (RM322.1m).

This represents a 64.3% increase from the approximately $56m (RM196.1m) worth of contracts won in FY2022.

The new contracts bring Oiltek's current order book to approximately $109m (RM381.5m) and is expected to contribute positively to the company’s financial performance in FY2024.

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