KUALA LUMPUR (Nov 2): Reservoir Link Energy Bhd (KL:RL) said on Monday its 60%-owned unit has been appointed as a panel contractor for PETRONAS’s research arm.

Under the appointment, Reservoir Link Solutions Sdn Bhd will be supplying raw material as well as providing chemical blending and will be responsible for overall chemical deployment at the site, according to an exchange filing. There is no fixed contract value, which depends on the work order issued.  

“Our appointment across all three packages positions Reservoir Link to participate across the chemical deployment value chain, from the supply of raw materials and chemical blending to on-site deployment,” executive deputy chairman Thien Chiet Chai said in a statement.

The appointment by PETRONAS Research Sdn Bhd, based in Bangi, is for an initial period of three years starting Sept 11, with an option to extend it for a further two years.

Further, the appointment does not guarantee work orders and Reservoir Link may be called to participate in mini-bidding exercises during the appointment period, the company noted.

Shares of Reservoir Link fell one sen to 26.5 sen on Monday, valuing the company at RM103 million ahead of the contract announcement that came in after the closing bell.