SHAH ALAM: Sumatec Resources Bhd hopes its experience in building a gas terminal in Sabah will help it clinch the Sabah Gas Terminal project that is expected to be awarded in the middle of the year.  

Group managing director James Chan said the project in Kimanis was estimated to be worth US$300mil to US$500mil. 

Sumatec had built a smaller gas terminal in Sabah about eight years ago, he said, adding that the company enjoyed a success rate of 30% to 40% for the projects it had tendered. 

"We also plan to bid for the construction of a petrochemical plant for ExxonMobil in Singapore and construction of jet fuel tankers in the Maldives," he said after the company EGM yesterday. 

The group's order book now stands at RM300mil.  

It has tendered for several local and foreign projects worth over RM600mil. 

Presently, Sumatec is involved in mechanical equipment installation package for a new methanol plant in Labuan, construction of base oil refinery in Malacca, an offshore gas terminal in Turkmenistan and a biodiesel plant in Kemaman, Terengganu. 

Meanwhile Sumatec plansto construct six new tankers for delivery this year as well as to purchase two chemical tankers with a total capacity of 13,000 deadweight tonnes and worth US$30mil each by year-end. 

Last month, it had entered into an agreement with Yangzhou Kejin Shipyard Co Ltd and Jiangsu Guotai International Group Co Ltd to acquire two oil tankers for RM43.92mil. 

Chan noted that its shipping business was "doing very well" and the company would focus on its core business in engineering and construction in the oil and gas sector. 

Shareholders at the EGM approved the company's proposed disposal of wholly owned subsidiary Malaco Mining Sdn Bhd to Diamond-Hard Mining Sdn Bhd for RM68mil cash. 

Chan said Sumatec would gain about RM28.3mil from the disposal. 

Sumatec registered a net profit of RM11.08mil on revenue of RM213.84mil for the nine months ended Sept 30.