26th Nov 2013 14:03
LONDON (Alliance News) - Graphene NanoChem Tuesday said its subsidiary Platinum NanoChem Sdn Bhd has entered a product formulation and marketing agreement with Scomi Oiltools Sdn Bhd to deliver PlatDrill series products.
Graphene NanoChem, which manufactures speciality chemicals and nano materials, using renewable materials such as vegetable oil, said that the PlatDrill enhanced drilling fluid products are earmarked for deployment in Malaysia and Myanmar, pending the identification of suitable sites by Scomi's customers.
The PlatDrill enhanced fluids aim to deliver superior performance with lower environmental impact as well as better lubricity, load bearing capacity and higher viscosity properties.
Graphene NanoChem is already supplying a PlatDrill derivative to Scomi, utilised in oil reservoir drill-in fluids, which has been successfully deployed downhole in Turkmenistan this year.
However, the timing of the deployment of PlatDrill downhole is unlikely to occur before the year end and therefore, the company said its losses for the year will be higher than expected.
The company also said that progress on its Senawang expansion remains on track to be completed by February 1 2014, it will close its palm oil refinery in Lahad Datu, East Malaysia for a period of routine maintenance during December 2013.
Graphene NanoChem shares were down 8.0% to 60.70 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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