Asia/Pacific News
Malaysia's Techfast Holdings Reports $131 Million MGO Supply Deal
A subsidiary of Malaysian manufacturing firm Techfast Holdings has signed a bunker supply deal worth as much as 540 million ringgit ($131 million).
Techfast subsidiary Fast Energy has agreed to provide shipping and engineering company Huang Fan with up to 6 million litres/month (about 5,000 mt/month) of MGO over 45 months, the company said in an exchange filing on Tuesday. Techfast values the deal at about 540 million ringgit based on current prices.
In January Techfast said it was seeking to diversify its business into the bunker industry and hire five employees into a new petroleum trading division.
Earlier this month Techfast said Fast Energy had agreed to provide marine fuels supplier Wise Marine with 10,000-30,000 mt/month of bunkers over the next three years.
