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| Tuesday, 17 February 2015, 21:17 HKT/SGT | |
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HONG KONG, Feb 17, 2015 - (ACN Newswire) - Agritrade Resources Limited entered into a floating storage unit service contract with Glencore Singapore Pte Ltd., a subsidiary of Glencore PLC, one of the world's largest diversified natural resource companies.The floating storage unit is the very large crude carrier (the "VLCC") that the company acquired on 6 February 2015 at a consideration of US$22 million while the Contract is worth approximately US$12.80 million for a period of 12 months (on a 6+6 month basis). The Contract is expected to generate diversified sustainable revenue for the Group by the end of the financial year ending 31 March 2015 and will contribute significantly to the revenue of the Group for the financial year ending 31 March 2016.
The completion of the acquisition of the VLCC Vessel provides the Company with the opportunity to fit into the diversification strategy by establishing its strategic oil infrastructure at the energy trading hub located in the Southeast Asian water region.
Mr. Wong Man Hung, Patrick, Vice-Chairman said " The Company will continue to expand its shipping business by developing its own logistics and storage business through buying and chartering vessels in the Southeast Asia region which is an important key for Agritrade to enhance its business diversity. Since the Company have close relationship with international energy trading houses including PRC Oil Giants, I believe the VLCC Vessel and oil storage business will have a very promising prospect and will promote the long term growth of the Group in the future."
Topic: Press release summary
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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