Oiltek reaches agreement on rectification works linked to refinery plant fire

OILTEK International on Thursday (Mar 16) said it has reached an “amicable” agreement with its customer on rectification work scopes and schedule. This comes after a fire incident occurred at the refinery plant supplied by the group.

The integrated process technology and renewable energy solution provider will have to complete the rectification works in six months.

This means the work is expected to complete within the financial year ending Dec 31, 2023.

Oiltek said it is, however, unable to provide a definitive assessment on the financial impact of carrying out the rectification works on the group.

This is because discussions are still being held with suppliers on the costs of some of the equipment under the agreed rectification work scopes and schedule. The rectification works are not complete, it added.

Shares of Oiltek closed 6.8 per cent higher at S$0.235 on Thursday.