KUALA LUMPUR: Kinergy Advancement Bhd (KAB) unit KAB Energy Holdings Sdn Bhd has accepted a letter of award (LOA) from Pengerang LNG (Two) Sdn Bhd for an oil and gas job worth RM33.3 million.
The job involves the provision of engineering, procurement, construction and commissioning (EPCC) work for utility supply for the new floating storage unit (FSU) Tango at the Regasification Terminal Pengerang in Johor.
Pengerang LNG (Two) Sdn Bhd is a subsidiary of Petronas Gas Bhd (PGB).
KAB said the project is expected to contribute to the growth of the group's income, foster innovative development and solidify the group's position in the field of sustainable energy solutions (SES).
"This project is expected to contribute to KAB's vision for its SES segment to power a sustainable future," it said in a stock exchange filing.
The LOA is not expected to have any material effect on the group's earnings and earnings per share for the financial year ending Dec 31, 2023 but is expected to contribute positively to the group's future earnings, it added.
Separately in a statement, KAB said the project is expected to be completed by the end of 2024.
KAB executive deputy chairman and group managing director Datuk Lai Keng Onn said the award "solidifies our credentials and our journey from an initial mechanical and electrical solutions provider to a holistic one-stop energy and engineering solutions provider. - Bernama