KFM drops oil sludge processing venture with Pertamina

Malaysian company Kuantan Fluor Mills (KFM) dropped joint venture deal with state oil and gas company Pertamina to process and recover crude from oil sludge in Duami, Riau province due to share sale of KFM by former director, Dow Jones reported Friday . Under the JV agreement, KFM former director Vernon Khoo couldn't sell more than 75 percent of his shares in KFM for deal to go through.

The joint venture was originally scheduled to commence sludge processing by year-end. (alex)