KUALA LUMPUR, Feb 18 -- Coastal Contracts Bhd's wholly-owned Coastal Marine Pte Ltd and its Mexican joint venture partner Grupo Empresarial Alfair SAPI de CV (Alfair) have secured a RM258.7 million contract to build a gas sweetening processing plant in Mexico.
In a filing with Bursa Malaysia today, Coastal group executive chairman Ng Chin Heng said the 32-month project is expected to boost the company’s financial performance and enhance its earnings visibility in the short to medium term.
“With this contract, the group has set its foothold in the natural gas processing sector.
“We believe there are more opportunities in Mexico’s midstream sector in the future because the trend of natural gas demand has continued to increase in line with the growth in industrial and power sectors,” he said.
The gas sweetening plant will be constructed by its foreign subsidiary company, Coastoil Dynamic S.A. de C.V., for state-owned petroleum company, Petroleos Mexicanos (Pemex), at the Ixachi field in Veracruz.
The plant is capable of processing up to 180 million standard cubic feet of wet sour gas a day.
The scope of work for the project mainly comprises engineering, procurement, construction, operation and maintenance for the gas sweetening plant.
The firm period for this contract shall be 32 months and with chances of further extension by Pemex.
Alfair is part of the Nuvoil Group that has 23 years of experience in natural gas handling and processing plants in Mexico.
By Mikhail Raj Abdullah
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