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KNM group's Italian unit receives euro 7.754 million award for MIDOR works in Egypt

Last update: 04/07/2019
KUALA LUMPUR, July 4 (Bernama) -- KNM Group Bhd’s Italian unit, FBM Hudson Italiana S.p.A (FBMHI), has received a Euro O 7.754 million (equivalent to about RM36.142 million based on the exchange rate of Euro 1.00:RM 4.6614) award from Technip Italy S.p.A (Technip) via a purchase order (PO) issued by Technip for the design, detailed engineering, fabrication and supply of air cooler heat exchangers.

In a filing to Bursa Malaysia today, it said the PO was part of the expansion and modernisation projects of the Middle East Oil Refinery located at Alexandria, Egypt, as managed by the Middle East Refining Ltd (MIDOR).

“The design and supply duration of the PO is for a period not exceeding 14 months from its date,” KNM said.

Technip is a subsidiary of TechnipFMC, a global leader in the oil and gas sectors of subsea, onshore, offshore, and surface technologies who has been awarded the engineering, procurement and construction main contract for the expansion and modernisation of MIDOR.

“The PO is expected to contribute positively to KNM’s earnings for the financial year ending Dec 31, 2019 and Dec 31, 2020,” KNM said.

--BERNAMA



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