Techfast enters into fuel supply deal with Wise Marine 


KUALA LUMPUR: Techfast Holdings Bhd said it has entered into an agreement with Singapore-based Wise Marine Pte Ltd to supply up to 20,000 tonnes of fuel every month.

The supply agreement is effective for three years.

The total contract value for the supply was estimated at RM1.46bil, based on the current market prices, Techfast said in a filing today.

Under the deal, Techfast’s subsidiary will supply low sulphur fuel oil (LSFO), low sulphur marine gasoil (LSMGO), and high sulphur fuel oil (HSFO) to Wise Marine.

“The Supply Agreement will add to the revenue streams of Techfast and is expected to contribute positively to the earnings of the Techfast Group,” it said.

Prior to the group expansion into the oil business, Techfast is involved in the production of self-clinching fasteners and rubber sheets.

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