KUALA LUMPUR: Ocean Vantage Holdings Bhd (OVH) via its wholly-owned subsidiary Ocean Vantage Engineering Sdn Bhd (OVE) signed an unincorporated consortium agreement with Toyo Engineering & Construction Sdn Bhd (TEC) to jointly bid for a downstream O&G project.
Under the agreement, the unincorporated consortium will jointly tender for engineering, procurement, construction and commissioning (EPCC) works for an oil storage terminal project by Senari Synergy Sdn Bhd (SSSB) located in Senari Synergy Industrial Complex, Kuching, Sarawak.
The agreement is valid till 18 March 2021 unless extended further by mutual parties.
"We are delighted to be partnering with an established player like TEC and are looking forward to working together to pursue our common goal.
"This is a strategic formation as the combined strengths from both companies will create significant synergies and bring us to the forefront of the race." OVH managing director Kenny Ronald Ngalin said in a statement today.
He said it is an exciting time in the O&G sector especially in Sarawak where programmes and initiatives are rolling out to drive growth within the local ecosystem.
"While operating landscape in the upstream sector remains challenging, we see rising opportunities in the downstream segment as investments are pouring in to develop Sarawak as a major downstream O&G producer.
"Leveraging on the positive development, we are aggressively expanding our market reach, which includes exploring for strategic partnerships, to capitalize on the upward trajectory," he said.
Established since 1986, TEC is a renowned EPCC provider for petrochemical, chemical and general industries in Malaysia.
Drawing more than 50 years of experience and strength from its parent company, Toyo Japan, Toyo has undertaken numerous projects in Malaysia, Indonesia and Singapore, ranging from petrochemical to manufacturing-based projects.