Changhuat ...Nov09

Changhuat Corp Bhd, through its subsidiary Arus Dermaga Sdn Bhd, has received a contract worth RM96 million from Coastal Oil Singapore Pte Ltd for the provision of a 240,000-tonne Very Large Crude Carrier (VLCC) for the latter at the Port of Tanjung Pelepas in Johor.

The contract is for the storage of crude oil, fuel oil or alternatively fuel oil blend stocks over a 36-month duration. According to Changhuat, the contract will contribute positively to the group's earnings for FY2010 ending June 30 to FY2013.

The new contract was following the termination of a previous contract between Arus Dermaga and Glencore International AG that had been signed on Sept 7, 2007, for the provision of the same VLCC in Johor.

Both parties had mutually terminated the contract that was originally for a duration of 60 months commencing Nov 26, 2007.