KUALA LUMPUR (Dec 13): Straits Energy Resources Bhd has secured a contract to supply diesel for a project involving offshore fields located in a 2,008 sq km area in the overlapping zone between Malaysia and Vietnam.

The group said the contract was awarded to its 70%-owned subsidiary, Tumpuan Megah Development Sdn Bhd, by PetroVietnam Technical Services Corp (PTSC), a member of the Vietnam National Oil and Gas Group (PetroVietnam).

The contract has no specific value as the supply of diesel will be on call basis during the duration of the contract from Dec 6, 2021 to June 4, 2025, the oil trading and fuel bunkering service provider said in a statement.

“This is the first international contract secured by Straits as it expanded its footprint throughout the region and this award is a recognition of the Straits brand name in delivering reliable services and quality products,” said Straits Energy Resources.

“With this contract, PTSC will get to enjoy highly reliable, efficient and safe fuel delivery services through Straits’ comprehensive network, infrastructure and tight operating procedures,” it added.

Straits Energy Resources Group Managing Director Datuk Seri Ho Kam Choy said the contract win has given the group the impetus to scale new heights.

“With our established network, infrastructure and a fleet size of 14 vessels, we stand ready to deliver reliable services and products for this PTSC project.

“Moving forward we will explore further with PTSC for other areas of collaboration in their other projects to increase our revenue stream,” he added.

Shares of Straits Energy Resources closed unchanged at 16.5 sen today (Dec 13), valuing the group at RM125.04 million.