NGLTech Sdn Bhd has secured its first joint-venture (JV) abroad for a project worth RM25 million, in line with its ambition to commercialise its technologies worldwide.
Its MD Ir Arul Jothy said the local technology development and engineering firm – which supplies technologies to oil and gas (O&G) companies – is in the process of finalising an agreement with an O&G operating company in the Middle East for the commercialisation of one of its homegrown technologies.
“The agreement is still in the process but we have already secured the project, which is valued at about RM25 million. We should be able to complete the agreement within this month or the next,” he told reporters on the sidelines of the Offshore Technology Conference Asia 2018 in Kuala Lumpur yesterday.
The system is the Low Pressure Condensate Recovery System (LP CRS), which Arul said has already been deployed in the Middle East, though the agreement will be its first global JV.
He said the contract has a duration of about eight months. In the meantime, the company has several other agreements in the pipeline.