Boustead, Olio Resources Submit Joint Bids for Malaysian Upstream Projects

Boustead Holdings Berhad revealed that its subsidiary Boustead Atlas Hall Sdn Bhd and Olio Resources Sdn Bhd have followed up on their Memorandum of Understanding (MOU) signed last year to tap opportunities in the Malaysian oil and gas sector by jointly submitting bids for two upstream projects, the firm said in a filing with local stock exchange Bursa Malaysia Wednesday.

"Both parties have initiated business cooperation by jointly participating in tender bids in two oil and gas upstream projects," Boustead said in the announcement.

The partners are jointly bidding for the two projects, with the first involving the rental of seawater filter skid for new platform, while the second is for the provision of seawater treatment package for waterflooding project relating to enhanced oil recovery operation in Malaysia.

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