Asian Oilfield Services has received a binding Letter of Intent ('LOI') from Oilmax Energy for surface facilities for its Charaideo field in Assam to handle and process hydrocarbon fluids. The scope of work includes the engineering, procurement, construction, installation, commissioning, supply, and operations & maintenance of the said facilities. The value of the contract is approximated at Rs.210 crore including operations & maintenance for 10 years.
Oilmax Energy is the holding company and promoter of the Company. The Company has taken approval of the shareholders for the proposed related party transaction at its Annual General Meeting held on 18 September, 2018. The transaction is on arms' length basis.
The Company has acknowledged the receipt of this Letter of Intent and has initiated the acceptance and execution of the same.
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