KUALA LUMPUR, May 12 — BTM Resources Bhd has terminated its heads of agreement with Markmore Energy Ltd , which it entered into last November, to venture into the liquefied petroleum gas business in Kazakhstan.
In a filing with Bursa Malaysia, BTM said the HOA was terminated as the conditions precedent is not being fulfilled by the Conditions Cut-Off Date. “Upon the termination, the HOA shall have no further force or effect and neither party shall have or make any claim against the other whatsoever, save and except for any antecedent breaches under the HOA which none is identified as of the date of this announcement.
It said the proposed LPG production is envisaged to comprise a production plant and gas processing facility with a capacity of 100 million standard cubic feet per day. Of the production capacity, BTM said it would be entitled to up to 116 metric tonne per day of LPG and 3,700 barrel per day of condensate produced at the LPG plant, enabling the company to enjoy a minimum return of 12 per cent per annum from the project. — Bernama
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