Petrol One wins storage terminal management job

PETALING JAYA: Petrol One Resources Bhd has been appointed by Best Wide Engineering (M) Sdn Bhd (BWE) to manage a liquid storage terminal in Westports, Port Klang.
In a filing with Bursa Malaysia yesterday, the company said its indirect wholly owned subsidiary Petrol One Storage Sdn Bhd has entered into a management agreement with BWE for the appointment.
BWE will pay a monthly management fee of RM180,000. The monthly fee will be renegotiated by the parties prior to the first anniversary and each subsequent anniversary of the commencement date.
The agreement is for an initial term of three years with the option to extend for a further three years.
Petrol One Storage’s services to BWE will include management of day-to-day operations, training of employees, provision of financial and commercial expertise, and implementation of management system.
The company expects the deal to contribute positively to its consolidated earnings per share and net asset per share for the financial year ending June 30, 2016.