KUALA LUMPUR: SMTrack Bhd’s wholly-owned subsidiary, SMT Turbojet Resources Sdn Bhd, has been appointed as a project management consultant for oil and gas (O&G) related services.
In a Bursa Malaysia filing, SMTrack said SMT Turbojet has entered into a project consultation agreement with Eight Safety Consultancy Sdn Bhd.
The job entails SMT Turbojet serving as the administrative consultant for the O&G industry’s safety product purchase process or any traceability solutions compatible with the system to the targeted end-users.
Under the agreement, SMT Turbojet is entitled to 5% to 10% of the total project value profit, which according to SMTrack, will help to diversify the group’s revenue streams.
In a separate statement, SMTrack deputy executive chairman Azmi Osman said the project management consultant job would widen the group’s customer base to include the O&G players, which are vital to the supply of energy globally.
“Given our strength in the radio-frequency identification (RFID) solutions, this will help us to be an effective project administration management support for the petroleum O&G industry safety product purchase processor or any traceability solutions compatible with the system,” he said.