Wintermar Offshore (WINS:JK) Wins Silver Award for Asia’s Best SME Sustainability Reporting Award

JAKARTA, Apr 3, 2023 – (ACN Newswire) – PT Wintermar Offshore Marine Tbk (WINS:JK) has been recognized with a Silver award in the Small & Medium Sized Enterprises (SME) category at the prestigious 8th Asia Sustainability Reporting Awards (ASRA). This recognition is a testament to the commitment of the Wintermar Group towards sustainability and its efforts to address material sustainability issues.

Sugiman Layanto, Managing Director of PT Wintermar Offshore Marine Tbk, stated, "Wintermar's efforts to integrate sustainable practices throughout our operations is based on our mission to create a sustainable long term business for all our stakeholders. Winning the Asia Sustainability Reporting Awards is a confirmation that our continuous effort to incorporate environmental and social impacts into our business decisions is bearing fruit. We are proud to be recognized and inspired to do more to create a sustainable future for all."

The virtual awards ceremony, attended by senior business leaders and sustainability practitioners from 16 countries, took place on 30th March 2023 and began with an opening address by H.E. Ms Kara Owen, the British High Commissioner to Singapore.

Rajesh Chhabara, the founder of ASRA stated, "The sustainability report of PT Wintermar Offshore Marine Tbk demonstrates its commitment to high-quality disclosure about how it manages material environmental, social and governance issues, risks and opportunities to create sustainable value for its stakeholders."

Sustainability reporting communicates Wintermar's ESG performance by showcasing our performance and the management systems which support the Company's commitment towards sustainable business practices.

Winning at the Asia Sustainability Reporting Awards is a significant achievement for Wintermar. The rigorous multi-tier evaluation process involves three assessment rounds that select the best in each award category, taking into account companies' reputations among their stakeholders.

For more information on the Asia Sustainability Reporting Awards, please visit www.csrworks.com/asra.

On 31 March 2023, Wintermar also announced full year results for FY2022 which showed an 88% rise in gross profit to US$11.2million and a 510% jump in net attributable profit. More details on the results can be found in this link: http://www.wintermar.com/wintermar/docs/2023/WINS_Newsletter_98_RESULTS_FOR_THE_YEAR_ENDING_31_DECEMBER_2022.pdf

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Wintermar Offshore (WINS:JK) Reports FY2022 Results

JAKARTA, Mar 31, 2023 – (ACN Newswire) – PT Wintermar Offshore Marine Tbk (WINS:JK) recorded FY2022 gross profit of US$11.2 million, an 88% YOY growth, on the back of rising utilization and charter rates, and a 510%YOY jump in net profit to US$1.1 million. Higher utilization and rising charter rates contributed to a strong operational performance in FY2022 with EBITDA up 28% to US$17.5 million on total revenue of US$61 million (+44%YOY).

Owned Vessel Division

Offshore upstream activity picked up steadily over the course of FY2022 amidst a sustained rise in oil prices and continued tensions in Ukraine. Demand for OSVs, in particular in the higher value vessels, was stronger towards the second half of FY2022, and utilization of Wintermar's fleet reached 83% in 4Q2022 compared to 61% in 1Q2022.

In 2022, the Company purchased 6 units of mid to high tier vessels, of which 3 units have commenced operations. Including the 2 units of Platform Supply Vessels (PSV) purchased in December 2021, Wintermar has added a total of 8 vessels to the fleet in the past 18months. At the end of December 2022, there were 4 vessels still undergoing reactivation, comprising 2 units of Platform Supply Vessels and 2units of 7000BHP AHTS. These vessels are expected to start operations in 2Q to 2H2023.

Revenue for the Owned Vessel Division grew by 9% YOY to US$ 36.1 million while direct costs for the division only grew by 4% for the same period. Operations and maintenance costs were higher in 2022 as more vessels were prepared for new contracts, and fuel was higher by 88% due to the mobilization and demobilization of vessels working outside Indonesia. Depreciation charges fell 7%YOY to US$12.1 million resulting from changes in fleet composition. The management repositioned the fleet into higher yielding vessels by selling older vessels and purchasing second hand but higher value vessels at lower prices during the past year to improve the average blended charter rate. One older vessel was sold in 2022, albeit at a book loss of US$ 2.6 million, but the reinvestment of the proceeds resulted in an improved return on assets. Crewing costs of US$ 8.8 million were 3% lower YOY as COVID-19 restrictions were lifted in 2022, negating the requirement for quarantines and PCR testing which had inflated crewing costs in the previous two years.

The growth in Owned Vessel revenue was weighted towards the 4th quarter as charter rates started to improve in the latter part of the year. Revenue from Owned Vessels grew 21% QOQ in 4Q2022 as utilization picked up to 83% for 4Q2022, which was the highest quarterly utilization in the past few years. Gross profit from this division jumped by 47%YOY to US$5.7 million.

Chartering and Other Services

During 2022, the Chartering Division saw a jump in revenue from a project in Brunei involving several vessels. Gross Profit from Chartering jumped 165%YOY to US$2.4 million from US$0.9 million in 2021. These contracts have durations of below a year and are scheduled to complete by end 2022- early 2023. In view of the robust demand, management is optimistic to win more contracts in the coming months. Gross profit from the Other Services Division increased to US$3.2 million for FY2022, +162%YOY from US$1.2 million in FY2021.

Total Gross Profit for FY2022 stood at US$11.2 million, a substantial 88% increase from the previous year, reflecting the turnaround in the offshore vessel industry.

Indirect Expenses and Operating Profit

Management continued to exercise tight cost control and indirect expenses rose by only 11%YOY at US$ 5.9 million. The largest cost increase was higher salary expenses of US$4.2 million (+23%YOY) due to the end of a hiring freeze and a reinstatement of salary for some senior management who had agreed to voluntary salary reductions in the past years.

Operating Profit for FY2022 was US$5.3 million, which was over 8 times the previous year's operating profit.

Other Income, Expenses and Net Attributable profit

Net interest expenses were 35%YOY lower at US$1.4 million as management reduced debt by US$11.6 million during the year, bringing net gearing down to 8.8% by 31 December 2022.

Equity in net earnings of associates was lower at US$0.4 million in FY2022 compared to US$0.6 million the previous year as several vessels underwent docking in the year. There was a book loss on sale of vessels of US$2.6 million as part of the fleet repositioning exercise and a net impairment on receivables of US$0.2 million in FY2022.

The net profit attributable to shareholders for FY2022 amounted to US$1.1 million, an increase of 510%YOY.

EBITDA for FY2022 jumped by +28%YOY to US$17.5 million.

Outlook for Oil and Gas Exploration

2022 saw a convincing rebound in upstream oil and gas investments, reversing several years of lackluster capital expenditure in global upstream oil exploration and production (E&P). A confluence of factors – including the prolonged E&P under-investment due to the COVID-19 pandemic and a focus on energy security by North American and European governments amidst heightened geopolitical tensions – led to a global resurgence of investments in upstream E&P projects around the world.

The charts below illustrate the rising capital expenditure over the course of 2022 which resulted in a higher activity in the offshore supply vessel (OSV) space.

Business Outlook

There has been a notable rise in requests for proposals and new tenders issued for OSVs in the second half of 2022. Indonesian charter rates have lagged the global market in adjusting to higher demand, but there are limited vessels available in the higher tier vessel space, so we expect the tighter supply conditions in 2023 to result in rate increases. In the past year, Wintermar has won some work in Myanmar, Brunei and Thailand where the charter rates are higher.

Several vessels had been locked in on longer term contracts for the past years, but more than half of these contracts will be completed by 1H2023 and new contracts should attract higher charter rates. There are still 4 vessels which are being prepared for operations which will come onstream between April to July 2023 which will provide growth in 2023.

With a stronger balance sheet and low net gearing, the Company continues to seek opportunities to invest in additional fleet in the current year.

Contracts on hand as at end February 2023 amounted to US$66 million.

About Wintermar Offshore Marine Group

Wintermar Offshore Marine Group (WINS.JK), developed over nearly 50 years with a track record of quality that is both a source of pride and responsibility that we are dedicated to upholding, and sails a fleet of more than 48 Offshore Support Vessels ready for long term as well as spot charters. All vessels are operated by experienced Indonesian crew, tracked by satellite systems and monitored in real-time by shore-based Vessel Teams.

Wintermar is the first shipping company in Indonesia to be certified with an Integrated Management System by Lloyd's Register Quality Assurance, and is currently certified with ISO 9001:2015 (Quality), ISO14001:2015 (Environment) and OHSAS 18001:2007 (Occupational Health and Safety). For more information, please visit www.wintermar.com.

For further information, please contact:
Ms. Pek Swan Layanto, CFA
Investor Relations
PT Wintermar Offshore Marine Tbk
Tel (62-21) 530 5201 Ext 401
Email: investor_relations@wintermar.com

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Pressures Melaka Government on Unimel Project Payments

PETALING JAYA, Malaysia, Mar 29, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, which has been classified as an affected listed issuer pursuant to Para 2.1(f) of Practice Note 17 (PN17) of the listing requirements of the Main Market of Bursa Malaysia Securities Berhad (Bursa Securities), is pressuring the Melaka government for not taking action to address payments owed the Company from the Universiti Melaka (UNIMEL) project resulting in the default of an RM109.0 million Islamic financing facility.

Azri Azerai, Executive Director of Bintai Kinden

The PN17 classification came after MBSB Bank Berhad (MBSB) issued a notice of termination dated 29 March 2023 to Bintai Kinden as the corporate guarantor and its wholly-owned subsidiary, Optimal Property Management Sdn Bhd (OPM), as the borrower in respect of RM109.0 million in Islamic banking facilities in which the Company and/or OPM has defaulted on.

En. Azri Azerai, Executive Director of Bintai Kinden said, "We are being victimised into PN17 status because the Melaka government has not seen fit despite a series of meetings to take action to address the RM49.8 million owed to OPM by Kolej Teknologi Islam Melaka Berhad (KTIMB) for the construction of the UNIMEL student campus accommodation."

KTIMB is the operator of UNIMEL, which had awarded a contract via a concession agreement to OPM in early 2016 valued at RM121.0 million to construct student accommodation for the campus. The 25-year concession agreement comprised three years of construction and 22 years of maintenance services in which KTIMB is obliged to pay OPM for the upkeep of the campus accommodation. OPM had taken a 17-year tenure Islamic financing facility of RM109.0 million with MBSB to part-finance the UNIMEL campus accommodation project, which was completed in 2019.

"We have also sent various reminders to KTIMB as well as Melaka Chief Minister Incorporated (CMI Melaka) on the matter. Let us be clear that despite non-payment or irregular payments by the parties, Bintai Kinden has been honouring its debt to MBSB and has paid RM18.6 million from March 2021 to December 2022 towards the financing facility despite collecting only RM3.7 million from KTIMB."

"Bintai Kinden would like to appeal to the Prime Minister to seek redress on this issue for the sake of the UNIMEL students, as we have been trying our best to maintain the campus accommodation. CMI Melaka is obliged to top-up any shortfall in the payments as part of the financing facility agreement with MBSB but the top-ups have been inadequate while KTIMB, which was required as part of the concession agreement to pledge land or properties with a market value of not less than RM42.5 million to safeguard Bintai Kinden's credit risk, has not done so."

Pursuant to the PN17 classification, Bintai Kinden is required to announce within three months of today's announcement on whether the regularisation plan will result in a significant change in its business direction or policy and, within 12 months of today's announcement, to submit a regularisation plan to the Securities Commission ("SC") if the plan will result in a significant change in the business direction or policy of the Company and to complete the implementation of the plan within such timeframe as prescribed by the SC or, submit a regularisation plan to Bursa Securities if the plan will not result in a significant change in the business direction or policy as well as complete the implementation of the plan within such timeframe as prescribed.

Bintai Kinden reassures stakeholders that its other businesses such as the Mechanical & Engineering and Oil & Gas are running as usual. The Company has total unbilled orderbook to RM142.95million.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

China Bluechem’s 2022 Profit Hits 11-Year Record High Despite Market Adversity

HONG KONG, Mar 29, 2023 – (ACN Newswire) – China BlueChemical Ltd. ("China BlueChem" or the "Company," stock code: 3983), China's largest chemical fertilizer central enterprise in both production capacity and production volume, has announced its audited annual results for the year ended 31 December 2022. In 2022, the Company realized a revenue of RMB14.279 billion, up 6.6% against 2021. Net profit attributable to owners of the Company grew 9.7% year-on-yearly to RMB 1.643 billion.

Mr. HOU Xiaofeng, CEO and President of China BlueChem said, "In 2022, the COVID-19 pandemic, regional conflicts, geopolitical tensions, rising energy and food prices had brought a profound impact on the fertilisers industry and chemicals industry. Nevertheless, China BlueChem pushed through adversity to achieve an impressive performance, making record-high profit since 2012. As such, the Board of Directors recommended payment of a final dividend of RMB0.178 per share (tax included) for 2022, rewarding the Company's shareholders with a payout ratio of 50%.

In respect of production management, the Hainan Phase I and Hainan Phase II methanol plants made a long-term operation period of over 400 days. As a result, Fudao's annual methanol production volume increased significantly and hit a record high. In 2022, the Company produced 1,962 thousand tonnes of urea, 933 thousand tonnes of phosphate and compound fertilisers, 1,520 thousand tonnes of methanol and 21 thousand tonnes of POM.

In respect of sales management, China BlueChem grasped the market opportunities by strengthening its market study and analysis capabilities supported with scientific pricing through big data, which significantly enhanced the Company's market competitiveness. Through improving channel influence, studying and adopting policies, adjusting product mix and making use of innovative B2C e-commerce direct sales model, the Company was able to ensure the balance between production and sales despite significant decrease in exports, and managed to achieve higher sales at high prices and raise profit through larger output volume. In 2022, the Company sold 1,959 thousand tonnes of urea, 1,506 thousand tonnes of methanol, 625 thousand tonnes of phosphate fertilisers, 299 thousand tonnes of compound fertilisers and 21 thousand tonnes of POM. During the year, the Company exported a total of 91 thousand tonnes of urea and 66 thousand tonnes of DAP.

In respect of high-quality development, the Company actively carried out preliminary research on high-end and new chemical material projects, including acceleration of the research of the PMMA (Poly Methyl Methancrylate) project. Strategic partnerships were established with Chinese Academy of Agricultural Sciences, BASF, Chinese Academy of Sciences, etc. to foster high-end development of the industrial chain and value chain, and at the same time, reforms or removals were made to production facilities with inferior capacities. Ranking dual tops in both production capacity and output among all Central enterprises in the field of fertilizers, the Company is committed to creating efficiency from the technology of "solutions to plant nutrition".

In 2022, solid progress was made in the acrylonitrile project, which marked the Company's entry to organic chemicals from inorganic chemicals. The project was successfully put into operation in one time in February 2023, making the shortest record of the construction period of similar projects in China. In respect of technological collaboration in 2022, breakthroughs were made in the Company's industrial utilisation technology of carbon-rich natural gas in the South China Sea, where the original 22% carbon dioxide content of the natural gas for utilisation was successfully uplifted to 35%.

The Company continued to press ahead with its green and low-carbon development strategy and maintained its leading position in energy efficiency. Its methanol production facilities have been honoured as the "Leader in Energy Efficiency" for 11 consecutive years by the China Petroleum and Chemical Industry Federation and its synthetic ammonia production facilities have been honoured as the "Leader in Water Efficiency" for three consecutive years by the China Nitrogen Fertilizer Industry Association. With the Company actively promoting the concept of "green methanol", the impact of production activities on the climate has also been reduced.

It is delightful to see the continued growth in the Company's brand value. In the "2022 China Brand Development Forum", China BlueChem was admitted to the official 2022 China Brand Value Evaluation List with a brand value of RMB3.971 billion, an increase of RMB772 million compared with 2021.

Looking ahead to the industry trend in 2023, with the recovery of the domestic economy and the return of logistics to normal, it is expected that export and industrial demand will recover to a certain degree. However, the demand for agriculture will remain in a seasonal cycle. There is still a relatively strong support for the urea market, so it will be relatively limited room for urea price to go down, and its trend in the first half of the year may be stronger than that in the second half. The price of ammonium phosphate may remain firm at a high level, and may fluctuate downward in the low season of fertilisers in the second half of the year. In respect of methanol, the release of new methanol production capacity will slow down, and the demand for methanol-to-olefins and traditional downstream methanol products will be relatively stable, while the impact of cost posed on methanol and downstream products will be more obvious. The demand for POM for new energy vehicles is expected to increase.

As for the key strategies in 2023, Mr. HOU Xiaofeng, CEO and President of China BlueChem said, "The Company will further enhance HSE (Health, Safety and Environment) and refined production management, strictly control costs, promote technology research and innovation, and push forward its high-quality development. Moreover, it will make the best efforts to ensure the acrylonitrile project can start commercial operation this year. It will also grasp the opportunities arising from the construction of Hainan Free Trade Port and drive high-quality investment projects forward, such as the construction of wharf and logistics. In the meantime, the Company will fully explore new growth drivers, with the aim of generating desirable returns for shareholders."

About China BlueChemical Ltd.

China BlueChemical Ltd. ("China BlueChem") is a listed company that specialises in the development, production and sales of chemical fertilisers and synthetic chemical products. It is the largest Central enterprise in the field of chemical fertilisers in terms of both production capacity and production volume. The Company is a subsidiary of China National Offshore Oil Corporation which mainly engages in the exploration, development, production and sales of crude oil and natural gas. On 29 September 2006, China BlueChem was listed on the main board of The Stock Exchange of Hong Kong Limited with the stock code 3983. Currently, its production facilities are located in Hainan, Inner Mongolia, Hubei and Heilongjiang, China, with a total designed annual production capacity of 2.36 million tonnes of urea, 1 million tonnes of phosphate and compound fertilisers (mono-ammonium phosphate, di-ammonium phosphate and compound fertiliser), 1.6 million tonnes of methanol and 60,000 tonnes of POM. It has a deep water port with a designed annual throughout capacity of 18.28 million tonnes in Dongfang city, Hainan province. Boasting continued growth of its brand value, China BlueChem was admitted to the official 2022 China Brand Value Evaluation List with a brand value of RMB3.971 billion, an increase of RMB772 million compared with 2021. In early 2023, the Company was granted "The Outstanding Listed Enterprise Awards 2022 – Excellent Results Performance" by Capital Media in recognition of its impressive and growing financial results.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Posts 9M Revenue of RM93.80 Million

PETALING JAYA, Malaysia, Feb 28, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, today announced that the Company recorded 60.8% gain in revenue to RM93.80 million for the nine months ended 31 December 2022 (9M FY2023) compared with RM58.34 million in the corresponding period of the last financial year (9M FY2022).

Azri Azerai, Executive Director of Bintai Kinden

The Company reported a loss before tax (LBT) in 9M FY2023 of RM2.22 million compared with profit before tax (PBT) of RM2.62 million in 9M FY2022.

For the third quarter ended 31 December 2022 (3Q FY2023), revenue decreased 22.7% to RM22.36 million compared with RM28.93 million in 3Q FY2022. The Company recorded LBT of RM3.38 million for 3Q FY2023 compared with PBT of RM1.13 million in 3Q FY2022.

En. Azri Azerai, Executive Director of Bintai Kinden said, "The Company's revenue increase for 9M FY2023 reflected the better contribution from the M&E business. The LBT reflected the higher costs of operations and bad debts incurred in 3Q FY2023. For the quarter under review, revenue decreased due to the lumpiness of projects as the M&E business is highly dependent on the stage of completion of various projects."

"We expect to see more revenue coming in from the newly awarded projects from Tenaga Nasional Berhad (TNB) over the coming quarters compared to 3Q FY2023 where several of the projects are at the end-stage phase. The Company will continue to assess the risks and opportunities of diversifying into other businesses while ensuring the growth of the M&E business."

TNB recently awarded a total of RM53.2 million in M&E contracts to the Company for the installation of underground cables, bringing the total unbilled orderbook to RM142.95million.

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Propel Global Posts 2Q Revenue of RM24.5 Million

KUALA LUMPUR, Feb 22, 2023 – (ACN Newswire) – Propel Global Berhad, a provider of oil and gas (O&G) services as well as downstream specialty chemicals to the O&G industry, today announced that the Group recorded a 3.81% gain in revenue to RM24.5 million for the second quarter ended 31 December 2022 (2Q FY2023) compared with RM23.6 million for the corresponding quarter in 2Q FY2022 from continuing operations.

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global

For the quarter under review, the Group registered RM2.59 million in profit before tax (PBT) compared with PBT of RM0.6 million from continuing operations. For the first-half period ended 31 December 2022 (1H FY2023), the Group registered 15.45% increase in revenue to RM42.6 million compared with RM36.9 million in 1H FY2022 while PBT increased to RM5.9 million compared with RM0.7 million.

On a segmental basis, the Group's O&G operations recorded a 35.29% increase in revenue to RM11.5 million in 2Q FY2023 compared with RM8.5 million in the corresponding quarter of the previous financial year while PBT increased to RM2.3 million from RM0.1 million. Under technical services, the Group registered 13.91% decrease in revenue to RM13.0 million from RM15.1 million while PBT for the quarter increased to RM2.8 million compared with RM0.7 million.

The increased sales for the O&G segment are mainly attributable to higher offtake of production chemicals and fulfilment of work orders for well services. The segment's increase in PBT is mainly due to higher margin contributed from radial cutting torch services. For the technical services segment, the lower revenue reported is mainly due to project completions of higher contract sum in preceding year corresponding quarter while PBT improved due to reversal of liquidated ascertained damages on a construction project of commercial buildings and margin contributed from access road construction project.

Ms. Angeline Lee, Group Chief Executive Officer of Propel Global said, "The latest quarter's financial performance is good news for the Group as this is the second quarter of profitability and enables us to exit PN17 status soon. The focus on our strategies seeking opportunities to achieve better financial performance has paid off. The Group will continue to implement initiatives that will enhance our financial performance further."

"The outlook for the O&G industry is expected to be stable supported by crude oil price's decent recovery as this directly benefits businesses involved in exploration with positive spillover effect for others involved in O&G services."

Propel Global Berhad: 0091 [BURSA: PGB], https://www.propelglobal.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Rex Fuels & Solvex Global Conference 2023: Bitumen, Petrochemicals & Petro-Products

DUBAI, UAE, Jan 19, 2023 – (ACN Newswire) – India is the fastest growing major economy in the world. In an era of global economic headwinds, India's petroleum products consumption recorded a growth of 5.1% in FY 2021-22. It is projected to grow at 11% in the FY 2022-23. Bitumen, Petrochemicals and Base Oils are the three key products which is increasingly dependent on imports, due to domestic refining slate constraints. Middle East has traditionally been the key supply source for India's import requirements. Russia is fast emerging as a new supply source vying for a slice of the Indian petroleum products market.

By 2030 India’s Bitumen Imports Are Projected to Reach 6 Mil Tons, And Petrochemicals Imports Are Projected to Reach 18 Mil Tons. New Suppliers Are Vying For A Share [Graphic: Rex]

The new year 2023 brings together the leading Refineries, Buyers, Traders, Logistics Players, and Consultants for a power packed two-days of stimulating deliberations, business development and networking on Bitumen, Petrochemicals and Petro-products sector. The Rex Fuels & Solvex Global Conference 2023 would be the biggest event for the buyers & sellers in the Middle East, India, Africa, Russia, and South-East Asia.

Some of the biggest refineries from the Middle East region together with Gazprom from Russia are sponsoring the two-day conference. Mark your calendar for 25th & 26th Jan 2023, InterContinental Hotel, Dubai Festival City.

The dynamic and evolving geopolitical developments since February 2022 have brought new challenges and thrown open new opportunities as well. The oil & gas sector is right in the middle of it. The price volatility and rebalancing of the supply chains worldwide has led the market players to redraw their strategies to meet the evolving business challenges. Dubai occupies an increasingly pivotal role as the business hub for the region and also for the world. Rex Fuels & Solvex Global Conference 2023 brings together leading market participants.

Widely acknowledged as the benchmark event of the industry, the Rex Fuels & Solvex Global Conference is in its 5th edition in Dubai. It has already received the highest ever level of confirmed participation from over 400 delegates from Bitumen, Petrochemicals and Base Oils sectors. The overall number of Delegates participating in the two-day event is expected to exceed 500. The event has already attracted over 100 sponsors and 36 Exhibitors till date.

The agenda for the event and the Speakers list at the event include the top luminaries and experts from the leading Petroleum companies from the Bitumen, Petrochemicals and Petro-products sector. This event has elicited an unprecedented level of interest with delegates' confirmation already received from over 28 countries from across the globe. It is likely to be a fully sold-out event. It would be an unmatched gathering of Suppliers, Buyers and Traders from Bitumen, Petrochemicals and Petro-products sectors.

India being the biggest importer of the bitumen and petrochemical products in the region has attracted the largest number of participants closely followed by the Middle East region. Delegates from Africa, Europe, Russia, and South-East Asian countries have also confirmed their participation.

A special highlight of this year's event is a special exhibition pavilion dedicated to the Petrochemicals sector with over 23 suppliers putting up the exhibition booths. Suppliers from Bitumen, Base Oil and Petro-products have also expressed a very high level of interest in the exhibition pavilion.

The venue of the two-day conference, InterContinental Hotel, Dubai Festival City is well equipped to handle over 600 Delegates, Sponsors and Exhibitors in an environment of luxury and professional ambience.

Organized by Rex Conferences, a leading consultant in the Bitumen, Oil & Gas and Road Construction sector in India and Middle East region, Rex Group is widely acknowledged for their leading role in developing a consensus approach among the industry stakeholders.

Be a part of this premiere event to help shape the future Bitumen, Petrochemicals and Petro-products industry and get an opportunity to collaborate with industry experts in the fast-developing market. This premier event presents an unmissable opportunity for Business Development, Networking and Brand Promotion.

You may register online for Delegates at https://rexconferences.com/register or email at conferences@rexfuels.com

For Sponsorship, Exhibitor and Delegate bookings, please contact Sandip Mukherjee, Vice President, Business Development, Mobile / WhatsApp: +91 91673 64282, E: sandip@rexgbeservices.com, U: www.rexconferences.com.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Redesignates Ku as Group Managing Director

PETALING JAYA, Malaysia, Jan 18, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is redesignating Mr. Ku Chong Hong to Group Managing Director from Executive Director effective 18 January 2023.

Executive Director of Bintai Kinden, En. Azri Azerai

Group Managing Director of Bintai Kinden, Mr. Ku Chong Hong

Mr. Ku was appointed to the Board of Directors as an Executive Director on 24 February 2022. He joined Bintai Kinden as Group Accountant in June 2019 and was subsequently redesignated Head of Finance and Accounts on 17 September 2019 and then Chief Financial Officer on 12 October 2020. He is a member of the Executive Management Committee of the Company. Besides Bintai Kinden, he is also an Executive Director at Sarawak Consolidated Industries Berhad and an Independent Non-Executive Director of Malaysian Genomics Resources Berhad.

Mr. Ku worked for several audit firms before joining Grant Thornton Malaysia as an audit senior manager in 2017. He has over eight years as an auditor with exposure to audit and assurance as well as business advisory in a broad spectrum of industries such as property development, construction, manufacturing, trading, poultry, agriculture, aquaculture, service provider, trading of software and real estate. He is also a member of the Malaysian Institute of Accountants.

"I would like to thank the Board for this appointment. I am excited for Bintai and will do my best to bring the Company to the next level. The Company will continue to focus on our core business in mechanical & electrical engineering segment and endeavour to secure more opportunities and recurring projects in Malaysia which are able to contribute positively to the future earnings of the Group," said Ku.

En. Azri Azerai, Executive Director of Bintai Kinden said, "The Board of Directors and I congratulate him and are looking forward to working even closer with him. His redesignation reflects a changing of the guard and a younger generation helming the business operations. On a more personal note, having a young and dynamic team enables the Company to adapt to trends in the corporate world and technology while coming out with solutions that are outside of the box."

"As an ex-Grant Thornton auditor, we have every confidence that with his industry knowledge and experience, he will be able to guide Bintai Kinden to greater success. His familiarity with the business operations will also be of great help as the Company leverages on its strengths as a M&E engineering services specialist to expand in Malaysia and the region."

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Pertamina International Shipping (PIS) Secures Collaboration Agreements with Global Partners

JAKARTA, Jan 7, 2023 – (ACN Newswire) – PT Pertamina International Shipping (PIS) has secured two collaboration agreements with global partners. The signings were held with the inauguration of the PIS branch office in Dubai, UAE (PIS ME) on December 23, 2022.

PIS signs MoC with Elite Tankship, signed by the CEO of Elite Tankship, Mangish Kakodkar, and the Director of Operations of PIS, Brilian Perdana. Witnessed by CEO PIS, Yoki Firnandi, President Director Pertamina, Nicke Widyawati, President Commissioner Pertamina, Basuki Tjahaja Purnama, and H.E Ambassador of Indonesia for UAE, Husin Bagis.

PIS signed a Heads of Agreement (HoA) with BGN International DMCC (BGN), and a Memorandum of Collaboration (MoC) with Elite Tankship Pte Ltd (Elite Tankship).

The HoA with BGN was signed by the CEO of BGN Group, Ruya Bayegan, and the CEO of PIS, Yoki Firnandi. The agreement addresses a Joint Venture (JV) establishment by the two companies for the acquisition, maintenance, and operation of VLGC (Very Large Gas Carriers) vessels and/or other types of vessels.

BGN, headquartered in the UAE, is one of the world's largest LPG (Liquified Petroleum Gas) trading companies and the largest LPG importer in Indonesia. "The VLGC business will support BGN's imports of Pertamina's LPG. At some point, it might endorse the cargo market of ammonia," said Commercial Director of PIS, Arief Sukmara.

The MoC with Elite Tankship addresses Clean Petroleum Products (CPP), Dirty Petroleum Products (DPP), gas, and other commodities needed in the Middle East, and other areas covered by the parties. The MoC was signed by the Elite Tankship CEO Mangish Kakodkar, and PIS Director of Operations and Managing Director Brilian Perdana.

Elite Tankship, headquartered in Singapore, established collaboration with PIS in chartering the VLCC Pertamina Prime, the largest owned vessel and the company's pride, in May 2022 for a six-year contract period.

About PT Pertamina International Shipping (PIS) Pte Ltd

As the Integrated Marine Logistics Subholding, PT Pertamina International Shipping (PIS) supports Indonesia's economic growth through safe and sustainable operation, becomes a trusted and reliable maritime partner, and promotes value for stakeholders through running its business. https://pertamina-pis.com/.

Copyright 2023 ACN Newswire. All rights reserved. http://www.acnnewswire.com

Bintai Kinden Expands Further into O&G

PETALING JAYA, Malaysia, Jan 3, 2023 – (ACN Newswire) – Bintai Kinden Corporation Berhad (Bursa: BINTAI, 6998), a mechanical and electrical (M&E) engineering services specialist, is pleased to announce that the Company's 51%-owned sub-subsidiary, Bintai Energy Sdn Bhd ("BESB"), has been awarded a series of subcontracts by Petro Flanges & Fittings Sdn Bhd (PFF) and various customers recommended by PFF, involving the supply of high-grade carbon steel/stainless steel piping, valves and piping accessories to various oil and gas (O&G) businesses valued at RM4.0 million.

Executive Director of Bintai Kinden, En. Azri Azerai

The value of accumulated subcontracts secured through PFF in which BESB is the identified special purpose vehicle for the supply of materials to the O&G industry is now RM12.9 million. PFF is a supplier of pipes, flanges, fittings, valves and other O&G-related equipment.

In a separate announcement, the Company is also pleased to note that BESB has received approved licenses as dealers of instrumentation cables and general cables in relation to power and control from Petronas. The licenses are effective from 11 August 2022 to 10 August 2025.

Bintai Kinden also announced that BESB is partnering Puncak Logam Sdn Bhd (PLSB), whose principal business is the trading and marketing of goods, to ensure faster delivery time of products to clients through storing its products, which includes pipe, fittings, flanges, gaskets, stud bolts and structure materials and any other goods in PLSB's facility while enabling PLSB to source for purchasers in Malaysia for these products.

En. Azri Azerai, Executive Director of Bintai Kinden said, "The latest award of subcontracts to BESB is part of the partnerships and tie-ups we are pursuing to grow our O&G-related business. This includes seeking opportunities and partnerships with companies that share the same vision as Bintai Kinden, in Southeast Asia. We are now expanding into Indonesia through a local partner in the country. We are also delighted with the award of the licenses by Petronas enabling us to supply products and services to O&G businesses in Malaysia. This will certainly be a boost to our O&G arm."

En. Nuraiman bin Shaiful Annuar, Director of Bintai Energy said, "The partnership with PLSB is strategic to the growth of our O&G-related business because we believe logistics will be important in the supply-chain. It will ensure that products get to clients faster and also at the same time, PLSB will help us to market the products in Malaysia."

En. Amli Mohamed Amin, Managing Director of PLSB said, "Our partnership with BESB ensures that there are always an inventory of O&G products on-hand that can be shipped out to clients. Given the uncertainties related to the global supply chain, our facility offers a stock of ready supply while at the same time, we can help market these products through our network of clients."

Bintai Kinden Corporation Berhad: 6998 [BURSA: BKC], http://bintai.com.my/

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