Malaysia's listed oil and gas services provider KNM has awarded a 456 million U.S. Dollars power plant project to China Western Power Industrial Co. Ltd. (CWPC), a firm based in southwestern China's Sichuan Province.
KNM told the Malaysian stock exchange on Tuesday that its subsidiary in Britain, Peterborough Green Energy, had awarded an engineering, procurement, construction and commissioning (EPCC) contract to CWPC on a deferred payment scheme.
The EPCC contract pertains to the erection of a net 36-megawatt energy from waste power plant for KNM's Peterborough Green Energy Project in Britain for a period of 37 months from the commencement date of the construction.
The construction of the project is expected to commence in the first quarter of 2018, according to KNM.
Lee Swee Eng, KNM's chief executive officer, said in a press release after the signing ceremony that he sees CWPC, which is listed on the Shenzhen Stock Exchange, as a formidable partner as it has sound financing, expertise and strength in the area of research and development, manufacturing of large-scale boilers and auxiliary equipment.
Once the Peterborough Green Energy project is successfully completed and commissioned, it will contribute another significant stream of long term recurring income to KNM, Lee said.