GRAPHENE NANOCHEM PLC 
By Graphene NanoChem plc
("Graphene NanoChem" or the "Group")
Long Term Contract With Petron Fuel International Sdn Bhd
Graphene NanoChem (AIM: GRPH), the nanotechnology and advanced materials company, is pleased to announce that Platinum NanoChem Sdn Bhd, its wholly-owned subsidiary, has been awarded a long term contract by Petron Fuel International Sdn Bhd ("Petron"), following initial spot purchase arrangements of the Group's biofuel product PlatAmber. Petron, (a subsidiary of Petron Corporation of the Philippines) - along with its sister companies Petron Malaysia Refining & Marketing Sdn Bhd and Petron Oil (M) Sdn Bhd - is a major supplier of petroleum fuels and products in Malaysia following Petron Corporation's acquisition of Exxonmobil's downstream petroleum business in Malaysia in 2012.
PlatAmber is used as an additive into road-grade diesel which is in line with the Government's B5 mandate that requires a mixture of 5% biofuel in diesel products. The Government plans to increase this to a B10 mandate in 2016, following which the Group expects demand for the product to double.
Jespal Deol, Chief Executive Officer of Graphene NanoChem commented: "Our supply volume to Petron increased by 100% in June and we expect the volume to continue to grow with the signing of the long term contract with Petron. The volume increase is also reflective of the strong growth of the domestic biofuels market, making this contract particularly encouraging for the Group, and we hope to continue this relationship as demand for Malaysian biofuels increases."
For further information:
Graphene NanoChem | Tel: +603 2282 3080 |
Jespal Deol, Chief Executive Officer | |
Panmure Gordon (NOMAD and Broker) | |
Callum Stewart / Hannah Woodley | Tel: +44 (0) 20 7886 2500 |
Tom Nicholson | Tel: +65 8614 7553 |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Edwards / Fiona Henson / Helen Greenwood www.buchanan.uk.com |
This information is provided by RNS
|
distributed by
|
