KUALA LUMPUR (OCT 11): Nextgreen Global Bhd is partnering with private company P Teguh Services Sdn Bhd to venture into the trading, supply and export of biodiesel, edible cooking oil and related products, such as equipment and facilities.

Nextgreen, in a bourse filing Wednesday, said the venture will "maximise the value of palm oil waste and circular economy (waste-to-value) concept of the Nextgreen group".

As such, its wholly-owned Nextgreen Resources Sdn Bhd had entered into a joint venture agreement with P Teguh Services — owned by one Datuk Seri Azmin Mustam Abdul Karim, the managing director of petroleum retailer Petro Teguh (M) Sdn Bhd — for the partnership, which may engage in other related businesses that the parties mutually agree to.

Nextgreen is developing a Green Technology Park that spans over an area of 410 acres in Pekan, Pahang. The group employs the preconditioning refiner chemical — recycle bleached mechanised pulp technology to turn empty fruit bunches into pulp.

In the first half ended June 30, 2023, Nextgreen’s net profit jumped 57.4% to RM2.33 million from RM1.48 million in the same period last year, as revenue rose to RM23.95 million from RM23.31 million. The counter was trading at 88 sen per share on Oct 11, having climbed 18% year-to-date.