PETALING JAYA: Fast Energy Holdings Bhd is looking to expand its footprint in the energy space by exploring opportunities within renewable energy (RE) to accelerate growth.
Executive director Vincent Tan Wye Chuan told StarBiz that this is a timely opportunity for the company to enter the oil bunkering sector on the back of renewed optimism due to worldwide rollouts of Covid-19 vaccination programmes. (File pic shows a bunker supply ship loading fuel to a vessel.) is banking on its new venture in the lucrative petroleum trading and oil bunkering business to secure more contracts and expand into international ports as global trade gains momentum.
Executive director Vincent Tan Wye Chuan told StarBiz that this is a timely opportunity for the company to enter the oil bunkering sector on the back of renewed optimism due to worldwide rollouts of Covid-19 vaccination programmes.
Techfast Holdings Seeks Bunker Supply Expansion to Singapore and Hong Kong
by Ship & Bunker News Team
Monday April 26, 2021
Malaysian manufacturing firm
Techfast Holdings, which announced a diversification into the bunker business in January, is now seeking to expand its bunker supply capacity to
Singapore and Hong Kong and is mulling a move into LNG bunkering. As part of our growth strategies, we are eyeing expansion into international ports such as in Singapore and Hong Kong, Malaysian news provider
The Star cited Vincent Tan Wye Chuan, executive director of Techfast, as saying on Monday. The firm is also looking to buy its own bunker delivery vessels, and will seek to expand into LNG bunkering once its conventional fuel business has been established, The Star reported.
Techfast website pix
PETALING JAYA: Techfast Holdings Bhd’s wholly owned subsidiary Fast Energy Sdn Bhd has entered into a supply agreement with Singapore-based Wise Marine Pte Ltd to supply a range of marine fuel oils with an approximate total contract value of RM2.2 billion over a three-year period.
Under the agreement, it will supply 10,000 to 30,000 tonnes (mt) of marine fuel oils a month, which translates into a total supply of up to 360,000 mt for the full year.
The contract is slated to commence in the second quarter of 2021.
The group clarified that the total contract value of RM2.2 billion is based on the current average selling price of low sulphur fuel oil of about US$500 (RM2,069.75) per MT as reported by S&P Global Platts in Singapore and a monthly delivery of 30,000 mt.
Techfast ventures into petroleum trading, oil bunkering businesses
Components manufacturing group Techfast Holdings Bhd is proposing to diversify into the trading of petroleum products, oil bunkering, and other related businesses.
Executive director Vincent Tan Wye Chuan said the business diversification will reduce the company’s sole reliance on its existing manufacturing business.
“We have big plans to grow this business as we aim to become a leading bunker supplier in Malaysia.
“A new subsidiary, Fast Energy Sdn Bhd, has been established to undertake the provision of bunkering services, vessel chartering and other related activities,” he said in a statement today.