A joint-venture (JV) agreement has been signed by KNM Group Bhd's (KNM) wholly-owned subsidiary, KNM Process Systems Sdn Bhd and ADAP Capital Sdn Bhd to form a company to undertake oil, gas and petrochemical project in Sarawak.
ADAP Capital Sdn Bhd shall be responsible for the business development with clients and state government of Sarawak to secure projects, while KNM shall be responsible for the technical proposal for the projects.
The JV company will engage in engineering, procurement, construction contracts for oil, gas and petrochemical plants; manufacture and supply of process equipment, tanks, piping and structures for oil, gas and petrochemical plants; as well as build, own and operate strategic projects.
The agreement will be valid for 12 months from the date of execution and may be extended for another period subject to written approval by both parties.
