16th May 2014 08:38
LONDON (Alliance News) - Graphene NanoChem PLC said Friday its subsidiary Platinum NanoChem Sdn Bhd, has been awarded a contract renewal by its tier-1 global oil and gas customer, in a deal worth approximately USD45 million in annual revenue.
The nanochemicals, performance chemicals and advanced materials company said Platinum - its wholly-owned subsidiary - has secured the contract renewal for the supply of PlatClear, Graphene's waste-based second generation biofuel, into the European market for 2015.
Platinum currently has an existing contract with the unnamed company for the supply of PlatClear to February 2015 for the European market, said Graphene. Pursuant to the renewal agreement, the contract will now be extended to December 2015. The renewed contract represents approximately 40% of the annual production output of the Senawang Facility.
At current CPO prices, the estimated annual revenue from the contract will be in the region of USD45 million.
Chief Executive of Graphene Jespal Deol, said the deal "validates the economic and environmental advantages of the Group's waste-based products in the international market as we continue to support and grow with our customers. We look forward to updating the market with further developments in due course."
Shares in Graphene NanoChem were trading 1.81% higher at 73.3 pence per share Friday.
By Alice Attwood; [email protected]; @AliceAtAlliance
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