Friday, 14 October 2011

KNM wins US$200m Sri Lanka contractel

Units of Malaysian oil and gas services provider KNM Group Bhd’s have secured a Sri Lankan waste-to-energy plant contract worth US$200 million (RM624 million), the company said in a stock exchange filing today.

The subsidiaries, led by KNM Process Systems Sdn Bhd, will undertake the engineering, procurement, construction and commissioning of the plant in Colombo awarded by Orizon Renewable Energy (Pvt) Ltd.

Orizon is a subsidiary of Malaysia’s Octagon Consolidated Bhd. The construction of the plant will commence in the second quarter of 2012 and will be completed in 2014, Octagon said in an earlier statement.

The project is not expected to contribute positively to KNM’s financial performance until 2012. — Reuters