KUALA LUMPUR, July 10 (Bernama) -- Pantech Group Holdings Bhd has made firm inroads into the Indonesian oil and gas market, commencing with the supply of induction long bends to Pertamina, the Indonesian state-owned oil and natural gas corporation.
The contract, to be fulfilled by the group's unit, Pantech Steel Industries Sdn Bhd, is valued at US$1.5 million (RM4.8 million), the company said in a statement, adding, they will see the profit by the financial year ending Feb 28, 2014.
"Shipment of these induction long bends to Indonesia is scheduled for the second quarter of financial year 2014 (2QFY2014)," it said.
Pantech Steel has been producing high frequency induction long bends which require high precision and advanced engineering technical know-how at its Klang factory since 2003.
Approximately 80 per cent of the items manufactured at the plant are exported.
The company's pipes, valves and fittings are currently being installed in 59 countries worldwide, mainly in the oil and gas sectors.
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