Straits Energy

STRAITS Energy Resources Bhd’s 65.08%-owned subsidiary, TMD Energy Ltd (TMDEL), has entered into a memorandum of agreement (MoA) with Double Corporate Sdn Bhd to explore collaboration in sustainable bioenergy fuel solutions for the Malaysian and global markets.

In a filing with Bursa Malaysia, Straits said the MoA was signed on June 18 to establish a mutual understanding and framework for discussions and negotiations on a proposed joint venture.

TMDEL was listed on the New York Stock Exchange American in April this year and is principally involved in marine fuel bunkering, ship management and vessel chartering services.

Double Corporate, a Malaysian private company, is primarily involved in the manufacture and trade of recycled base oil.

The MoA outlines that both parties will exclusively negotiate the structure, terms, and necessary approvals for a potential collaboration, which may include technical, operational and financial arrangements.

However, the MoA is non-binding and does not obligate either party to proceed unless a definitive agreement is signed.

The agreement will remain in effect for one year from the signing date unless extended or terminated earlier by mutual consent or upon the signing of final binding documents.

Its board believes the MoA is in the best interest of the group and is aligned with its expansion into sustainable energy solutions. — TMR

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