EPIC unit bags RM500m maintenance contract

KUALA LUMPUR: Eastern Pacific Industrial Corp Bhd (EPIC), via its subsidiary EPIC EOG Sdn Bhd, has bagged a RM500 million contract from a leading oil and gas producer to undertake structural maintenance work for offshore topsides in Terengganu.

Chief executive officer Noor Fadzil Mohamed Nor said the contract would be signed by the middle of this month and was part of its efforts to diversify the revenue stream.

“Maintenance works are expected to begin late next month. The contract is expected to have a positive impact on the socio-economy of the state by provide employment opportunities to the local community,” he said on the sidelines of the Global Leadership Awards 2018, here, recently.

Noor Fadzil bagged the “Leadership Excellence in Oil and Gas” award.

He said the recruitment of 500 to 600 skilled and semi-skilled workers would be done in stages.

Meanwhile, EPIC expects to record a RM13 million profit from the sale of 18.5 megawatts of solar energy to Tenaga Nasional Bhd.

Noor Fadzil said EPIC had invested RM86 million to build a solar power plant on a 28.3ha site in the Teluk Kalong Industrial Area in Kemaman.

“The solar power plant, which uses green energy technology, is among EPIC’s efforts to diversify its revenue sources.

“It will also provide opportunities for people in Terengganu to venture into new areas, including the solar and wind power technology, to become the next generation of energy producers.

“One of the advantages of solar technology is that the maintenance cost is low. EPIC expects to generate RM273 million profit from the 21-year contract,” he said.