Hibiscus ties up with Trafigura for continuity

Hibiscus managing director Kenneth Pereira (pic) said the agreement will allow the group to leverage its existing and future production capacity with Trafigura’s global purchasing, funding and marketing capability.

PETALING JAYA: Hibiscus Petroleum Bhd has initiated asset action plans and established a framework of cooperation with commodity trading and logistics company Trafigura Pte Ltd, to ensure business continuity and mitigate the effects of the Covid-19 pandemic.

In a filing with Bursa Malaysia yesterday, the oil and gas exploration company said it had signed a deed of supply and collaboration with Trafigura for potential future offtake of crude oil by Trafigura from assets owned and projects undertaken by Hibiscus.