Oiltek International (SGX:HQU) signed a heads of agreement with Kilang Pertamina Internasional to develop a pre-treatment unit and source alternative feedstocks for biofuels.
The venture aims to reduce reliance on crude palm oil for sustainable aviation fuel and hydrotreated vegetable oils, targeting export markets in Western Europe and East Asia. Oiltek will construct the pre-treatment unit and secure the feedstock supply, while both parties will contribute funding.
The agreement is valid for one year and will be replaced by a definitive contract.
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