IEV Holdings Signs Indonesia Gas Deal

IEV Holdings Limited has signed a gas supply agreement with Rabana Gasindo Makmur which will help the company cater to its current and future consumers in West Java, Indonesia.

“Pursuant to the supply agreement and based on an agreed off-take of 80%, the company has secured a total of 2.7 MMBTU of feed gas worth approximately $23 million, to be supplied by PT Rabana over a 40-month period commencing 4th quarter of 2015,” the company said Friday.

The agreement is expected to contribute positively to the Group’s financial performance during the tenure of the agreement and hence, is expected to have in a positive impact on the net tangible assets per share and earnings per share of the Group for the current financial year ending 31 December 2015, IEV said.

IEV Holdings currently operate in offshore engineering sector, mobile natural gas sector, exploration and production sector as well as renewable energy sector.