Uzma to Explore Fuel Venture in Papua New Guinea

Energy services firm Uzma Bhd (KL:UZMA) said on Friday it is working with two companies operating in Papua New Guinea to sell hydrocarbon fuel and products.

Uzma’s 51%-owned subsidiary, Jannatul Firdaus International Sdn Bhd, signed an expression of interest with refined petroleum products company Arafura Energies Ltd and services firm Australian Niugini Services (ANS) for the venture, the company said in an exchange filing.

"The hydrocarbon fuel shall be delivered to Arafura Energies and ANS at the loading port or the discharge port depending on the method of delivery chosen under the confirmation notice," Uzma said.

The expression of interest is valid for one year, starting from July 12, 2024 until July 11, 2025.

Under the expression of interest, the three parties will negotiate a master sale and purchase agreement before signing a confirmation notice for the sale and purchase of a specific quantity of hydrocarbon fuel from time to time, Uzma added.

Last month, Uzma also signed an expression of interest with Finnish space technology start-up ReOrbit Oy to explore and develop collaborative efforts in space satellite solutions. Uzma said the parties will explore the utilisation of a satellite assembly, integration and test facility in Malaysia and launching of a satellite.

At the time of writing, Uzma shares were down one sen or 0.86% at RM1.15, giving it a market capitalisation of RM500.63 million. A total of 195,500 shares have changed hands so far. Uzma’s share price has risen over 53% year to date.