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 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.
Components manufacturing group Techfast Holdings Bhd is proposing to diversify into the trading of petroleum products, oil bunkering, and other related businesses.
KUALA LUMPUR (Jan 6): Techfast Holdings Bhd plans to diversify into petroleum trading and oil bunkering by acquiring a 35% stake in a company that supplies marine fuels.
The group said it is buying the stake in CCK Petroleum Sdn Bhd from Kuah Choon Ching for RM26.25 million, of which RM16.17 million will be paid in cash and the balance via the issuance of 23.44 new Techfast shares at 43 sen per share.
In a filing today, Techfast said the diversification into petroleum trading was aimed at expanding its revenue and profits, and reducing its reliance on its manufacturing business segment.
The group manufactures self-clinching fasteners, mould e-learning rubber sheets and LED epoxy encapsulate materials.