KUALA LUMPUR: Eastern Pacific Industrial Corp Bhd (EPIC), via 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 topside in Terengganu.
Chief executive officer Noor Fadzil Mohamed Nor said the contract would be signed by the middle of next month and was part of the state-owned unit’s effort to diversify its revenue stream.
“The maintenance works are expected to begin in late September and based on the signed contract, EPIC EOG will secure a contract worth RM100 million a year five years.
“Thie contract is expected to have a positive impact on the socio-economy of the state, as well as provide employment opportunities to the locals,” he told NSTP on the sidelines of the Global Leadership Awards 2018 here recently.
Noor Fadzil bagged the “Leadership Excellence in Oil dan Gas” award at the ceremony.
He said the recruitment of 500 to 600 skilled and semi-skilled workers to work on the oil rig would be done in stages.
Meanwhile, EPIC expects to record a RM13 million in profit a year from the sale of 18.5 megawatts (MW) of solar energy to Tenaga Nasional Bhd (TNB).
Noor Fadzil said EPIC had invested RM86 million to build a solar power plant on a 28.3 ha of land in the Teluk Kalong Industrial Area, Kemaman.
“The investment allocated for building 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 Terengganu people to venture into new areas including the use of solar and wind power technology to become the next generation of energy producers.
“One of the advantages of this solar technology is the maintenance cost is low. For this project, EPIC is expecting to generate RM273 million in profit for the 21-year contract,” he said.