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Thursday, August 29, 2013

Pantech awaits Petronas decision on multi-billion ringgit RAPID project (Star)

Pipes and fittings maker Pantech Group Holdings Bhd is not yet certain how it would benefit from Petroliam Nasional Bhd's multi-billion-ringgit RAPID project.

Executive director Adrian Tan said on Thursday the firm, which provides flow control solutions to the oil and gas sector, did not have details on the potential jobs to be won from the RM60bil refinery and specialty chemicals plant in Pengerang, Johor because the national oil company has yet to reach a final investment decision (FID).

Pantech has been named as one of the possible beneficiaries for the 300,000 barrels per day facility alongside fabricators SapuraKencana Petroleum and Wah Seong, as well as oil and gas services firms Dialog and Muhibbah Engineering.

Petronas had said recently its FID on RAPID would be pushed back to March next year and commissioning to 2018, delaying much-anticipated job awards to local service providers.

On another note, Tan told reporters at a post-AGM briefing that Pantech aimed to double sales from its UK-based manufacturing arm Nautic Group to £20mil within three years in a bid to increase the contribution from manufacturing to 50% of group revenue by 2015. Its UK unit was set to expand after Pantech bought a factory lot nearby Nautic's facility in Tamworth for £1.24mil, boosting capacity.

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