Oil and gas (O&G) service provider Carimin Petroleum Bhd has teamed up with local O&G exploration firm I Drill Pipelines Constructions Sdn Bhd (IDrill) to jointly bid for the Bougainvillea project tender from Petronas Gas Bhd.
The project involves engineering, procurement, construction and commissioning (EPCC) works for lion lateral extension and metering station for China’s Nine Dragons paper plant in Banting, Selangor.
In a bourse filing on 22 February, Carimin Petroleum said its wholly-owned subsidiary Carimin Engineering Services Sdn Bhd (CESSB) has entered into a joint venture (JV) agreement with IDrill to form a JV called Carimin Engineering-IDrill JV of which CESSB will be the lead partner.
“The JV provides for a strategic partnership based on respective competency to undertake such a project. This paves well with CESSB’s intention to expand its core competency to include EPCC pipeline construction,” it added.
Carimin Petroleum shares closed 7.5 sen or 9.93% higher at 83 sen on 22 February, giving it a market capitalisation of RM194.12 million.