Collector time | Straits Energy Resources wins fuel delivery contract for the PetroVietnam project

Straits Energy Resources (SER), listed in Malaysia, Previously known as Straits Inter Logistics, said on Monday (December 13) its The 70% -owned subsidiary of Tumpuan Megah Development Sdn Bhd (TMD) was awarded an on-call contract from PetroVietnam Technical Services Corporation (PTSC).

The contract covers the supply of diesel for the PM3-CAA project for a period of approximately three and a half years from December 6, 2021 to June 4, 2025.

The contract has no specific value because the supply of diesel will be on call throughout the duration of the contract. The PM3-CAA project involves offshore fields located on a route of 2,008 km2 in the overlap area between Malaysia and Vietnam.

This is the first international contract Straits has secured as it expands its presence across the region and this award is recognition of the Straits brand for providing reliable service and quality products, he said.

Including the contract, PTSC will obtain highly reliable, efficient and safe fuel delivery services through the entire Strait network, infrastructure and strict operating procedures.

PTSC is a member of the Vietnam National Oil and Gas Group (PetroVietnam) and has established itself as a multi-sector company and a leader in providing technical oil and gas services in Vietnam and abroad.

Meanwhile, PetroVietnam is a state-owned company established since 1975 and engaged in the energy industry, including oil, gas, and renewables.

PetroVietnam has evolved into a fully integrated business model, spanning exploration production, refinery-petrochemicals, gas industry, gas to power / fertilizer and petroleum technical services.

Straits Group Managing Director Dato Sri Ho Kam Choy commented, “We are grateful and proud to be offered this opportunity by an established and reputable company like PTSC and appreciate the trust they place in us for the award of this contract.

“Straits Group has worked tirelessly over the past few years to grow its business and this contract has given us the momentum to reach new heights again. With our established network, infrastructure and a fleet of 14 vessels, we are ready to provide reliable products and services for this PTSC project. In the future, we will further explore with PTSC other areas of collaboration in their other projects to increase our revenue stream. “

Straits is primarily engaged in the trading of petroleum and fuel bunkering services, ship management, port operation and management, inland transportation and investment holding activities.

Oil bunkering services involve the provision of marine fuel oil and marine gas oil supplies through its vessels to other vessels and ocean-going vessels such as tankers, container ships, freighters and ships cruise line and currently its 70% -owned subsidiary, TMD, operates in 15 ports in Malaysia.

Photo credit: Straits Energy Resources
Posted: December 14, 2021