IEV, PT Odira Energy Persada Extend CNG Contract (Malaysia)

January 17, 2013

IEV Holdings announced that the Company’s subsidiary, PT IEV Gas signed a supplemental agreement with PT Odira Energy Persada on 9 January 2013 to extend the term of a Processing and Transport Agreement to 30 September 2013.

The Processing and Transport Agreement was signed on 26 February 2007 for a period of 5 years and is for the processing of natural gas into Compressed Natural Gas (CNG) and the transportation of such CNG.

The total volume of CNG expected to be processed and transported for the 12-month period from September 2012 to September 2013 would amount to approximately 759,369 million British thermal units (mmbtu), based on the minimum off-take of 85% of the total contracted units of CNG as provided in the Processing and Transport Agreement.

Barring unforeseen circumstances, the Agreement is expected to have a positive impact on the consolidated earnings per share and/or net tangible assets per share of the Group for the financial year ending 31 December 2013.

[mappress]
LNG World News Staff, January 17, 2013; Image: IEV