Graphene NanoChem (AIM: GRPH), the performance nanochemicals and advanced materials company, is pleased to announce that the Scomi-Platinum joint venture company (“Scomi-Platinum JVCo”) has been awarded up to £9.4 million in Government-backed debt guarantee for its Plat Drill Series and performance chemicals Facility (“the Facility”).
The guarantees from the Malaysian government (“Government”) include:
Providing Government guarantees for up to 60% of debt financing package, subject to a maximum amount of £9.4 million, for the construction of the Facility (“Project Debt Financing”);
Subsidising 2% of the total interest charged by the financial institutions providing the Project Debt Financing.
The Facility in Port Klang, Malaysia provides high quality earnings, with high visibility, over a long period of time with guaranteed offtake of 135,000 tonnes of the PlatDrill Series over a period of 5 years from Scomi Oiltools.
We are delighted by the award from the Malaysian Government, further validating our innovative technology platform.
Jespal Deol, Chief Executive Officer of Graphene NanoChem
To find out more, please visit www.graphenenanochem.com.