Reservoir Link unit named panel contractor for PETRONAS research arm
The appointment runs for an initial three years from Sept 11, but carries no fixed value or guarantee of work orders.
Reservoir Link Energy Bhd said its 60%-owned subsidiary, Reservoir Link Solutions Sdn Bhd, has secured a panel appointment from PETRONAS Research Sdn Bhd covering chemical supply, blending and deployment.
In a filing to the exchange, the company said the subsidiary’s responsibilities include supplying raw materials, blending chemicals and overseeing chemical deployment on site. The contract has no fixed value, with its worth dependent on work orders issued.
The appointment by the Bangi-based research arm covers an initial three years from Sept 11. It includes an option for a further two years.
Reservoir Link cautioned that the panel position provides no assurance of work orders. It may also be required to take part in mini-bidding exercises during the appointment.
Executive deputy chairman Thien Chiet Chai said the appointment spans all three packages, allowing the company to participate in activities ranging from raw material supply to on-site chemical deployment.
Before the announcement was made after market close on Nov 2, Reservoir Link shares declined one sen to 26.5 sen, giving the company a market value of RM103 million.
