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.