Boustead, Olio Resources in O&G project MoU


  • Business
  • Thursday, 30 Jul 2015

KUALA LUMPUR: Boustead Holdings Bhd has signed an MoU with Olio Resources Sdn Bhd to bid for two oil and gas upstream projects.

“The first project involves the rental of seawater filter skid for new platform and the second is the provision of seawater treatment package for waterflooding project relating to enhanced oil recovery operation,” Boustead said in a filing with Bursa Malayisa.

The initiative followed an earlier MoU entered between Boustead with Olio Resources to record their mutual cooperation as a platform for the parties in their pursuit of tapping into the vast opportunities of the Malaysian oil and gas sector.

In addition, Boustead together with KPRJ Petroleum Sdn Bhd have conducted joint coordination meetings and was in the process of evaluating onshore business opportunities and cooperation in the Pengerang Integrated Petroleum Complex by both the federal and state governments and refinery and petrochemical integrated development project by Petronas.

Boustead had earlier entered into a MoU with KPRJ Petroleum with a view of establishing a business collaboration to pursue opportunities in the Malaysian oil and gas industry development, particularly in Johor.

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