IEV, Odira sign agreement to extend CNG deal
Friday, January 18 2013 - 02:30 AM WIB
Singapore-listed IEV Holdings Limited (IEV Group) said that its subsidiary, PT IEV Gas (IEV Gas) signed a supplemental agreement with PT Odira Energy Persada (Odira) on 9th January 2013 to extend the term of a CNG processing and transport agreement to 30th September 2013.
The Processing and Transport Agreement was signed on 26 February 2007 for a period of 5 years and is for the processing of natural gas into Compressed Natural Gas (CNG) and the transportation of such CNG, the company said in a press statement on Thursday.
The total volume of CNG expected to be processed and transported for the 12-month period from September 2012 to September 2013 would amount to approximately 759,369 million British thermal units (mmbtu), based on the minimum off-take of 85 percent of the total contracted units of CNG as provided in the Processing and Transport Agreement.
Barring unforeseen circumstances, the agreement is expected to have a positive impact on the consolidated earnings per share and/or net tangible assets per share of the Group for the financial year ending 31st December 2013.
Save for their shareholdings in the company, none of the directors or controlling shareholders of the company has any interest, direct or indirect, in the agreement. The directors are also not aware of any substantial shareholders that have any interest, direct or indirect, in the agreement.
Shareholders and potential investors are advised to exercise caution when dealing with the shares of the company in relation to this announcement.
Editing by Benget Besalicto Tnb.