16th May 2014 07:00
16 May 2014 |
Graphene NanoChem PLC
("Graphene NanoChem" or the "Group")
US$45million contract renewal with Tier-1 Global Oil and Gas Company
Graphene NanoChem (AIM: GRPH), the nanochemicals, performance chemicals and advanced materials company, is pleased to announce that Platinum NanoChem Sdn Bhd, its wholly-owned subsidiary, has been awarded a contract renewal by its tier-1 global oil and gas customer ("Tier-1 O&G Company") for the supply of PlatClear, the second generation biofuel, into the European market for 2015.
The Group currently has an existing contract with the Tier-1 O&G Company for the supply of PlatClear to February 2015 for the European market. 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 US$45million.
Jespal Deol, Chief Executive Officer of Graphene NanoChem, commented: "We are delighted to announce the renewal of this contract, which demonstrates the continuing visibility of underpinned revenues for the Group in a very significant way. It also 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."
For further information:
Graphene NanoChem | Tel: +603 2282 3080 |
Jespal Deol, Chief Executive Officer | |
Panmure Gordon (NOMAD and Broker) | |
Callum Stewart / Tom Salvesen | Tel: +44 (0) 20 7886 2500 |
Tom Nicholson | Tel: +65 8614 7553 |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Edwards / Fiona Henson |
About Graphene NanoChem
Graphene Nanochem is an advanced chemicals and materials company and is structured into two operating divisions.
The chemical division manufactures and markets a range of speciality esters from palm waste and has obtained a leading market position in industry with a range of blue chip customers including a number of top tier oil and gas companies.
The advanced materials division produces graphene nanomaterials on a commercial scale to enable the development of a graphene-enhanced products portfolio, targeting high performance industry applications.
Headquartered in Malaysia, Graphene Nanochem was admitted to the AIM of the London Stock Exchange on 26 March 2013, following the reverse acquisition of Biofutures International plc, and trades under the symbol GRPH.L.
To find out more, please visit www.graphenenanochem.com.
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