IEV bags CNG supply deal from Unilever

Singapore-listed IEV Holdings Limited announced Tuesday that its subsidiary, PT IEV GAS, has received a letter of award for a 2-year contract from PT Unilever Indonesia Tbk to supply compressed natural gas (CNG) to its manufacturing plant in West Java.

While the formal gas sales agreement (?GSA?) to be executed by both parties is presently under the process of review, IEV Gas has commenced delivery of CNG to PT Unilever?s plant on 24 April 2012 based on the terms in the Award. Pursuant to the Award, PT Unilever will purchase more than 350,000 million British thermal units (mmbtu) of CNG, assuming the minimum off-take is 85% of the total contracted units of CNG.

PT Unilever?s manufacturing division plant is located approximately 5km from PT IEV GAS' CNG processing plant in Cikarang.