(EnergyAsia, May 8 2012, Tuesday) — IEV Holdings Limited, a Singapore-based provider of engineering and clean energy solutions, said its subsidiary, PT IEV GAS, has received a letter of award for a two-year contract from PT Unilever Indonesia Tbk to supply compressed natural gas (CNG) to its manufacturing plant in West Java.

While an agreement is still being worked out, IEV Gas began delivering CNG to PT Unilever’s plant on April 24 based on the terms of the award, and could supply more than 350,000 million metric British thermal units (mmbtu) assuming the minimum off-take is 85% of the total contracted volume.

IEV Holdings said it expects the revenue of over US$5 million from this award, based on the minimum off-take and minimum contract price, to contribute to its financial performance for the current financial year ending December 31 2012.

IEV Holdings President and CEO, Christopher Do, said:

“The group is delighted to secure this energy supply contract from an established customer in Indonesia, which has further cemented IEV as a reliable mobile natural gas supplier.

“We will strive to supply CNG to meet the energy demands of factories throughout Java as we continue to grow our mobile natural gas supply chain.”

With a market capitalisation of 147,259 billion rupiah or approximately US$16 billion, Indonesian Stock Exchange-listed PT Unilever is a manufacturer of home and personal care products as well as food, and its portfolio of well-known brands include Pepsodent, Ponds, Dove, Rexona, Blue Brand and Walls.

Its manufacturing division is located approximately five km from PT IEV Gas’ CNG processing plant in Cikarang town.

Listed on Catalist of the Singapore Exchange on last October 25, IEV Holdings offers a range of integrated engineering solutions involving all aspects of a field life cycle, from the installation of new facilities to repair and maintenance of existing assets and the eventual decommissioning of ageing structures.

With over 20 years of experience and a network of offices in Malaysia, Indonesia and Vietnam, IEV is well recognised as one of the leading providers of subsea products and services in the Asia Pacific region.

IEV has been carving out a niche as a provider of mobile natural gas to the industrial sector in Indonesia and Vietnam since 2005.