News and Announcements
IEV Signs Memorandum Of Understanding To Conduct Feasibility Study
- Published October 23, 2015 11:52AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
The board of directors (“Directors”) of IEV Holdings Limited (“Company”, and together with its subsidiaries, “IEV” or the “Group”) wishes to announce that the Company had, through its wholly- owned subsidiary IEV Energy Sdn Bhd (“IEV Energy”), entered into a binding Memorandum of Understanding (“MOU”) with a consortium (“TL-Emrail Consortium”) comprising Timah Langat Holdings Berhad and Emrail Sdn Bhd (“Emrail”) today.
Under the terms of the MOU, IEV Energy and TL-Emrail Consortium (the “Parties”, and each a “Party”) will initiate and conduct a feasibility study (“FS”) to review the prospects of cooperating and successfully undertaking projects for the processing and transporting (“Throughput Services”) as well as the marketing of Liquefied Natural Gas (“LNG”) to industrial and vehicular sectors in Tamil Nadu, India. IEV Energy’s scope is limited to the market study and Throughput Services under the FS. TL- Emrail Consortium shall conduct FS for the LNG Complex and Floating Storage Regasification Unit, and prepare the necessary permits, licences, and approvals from the Government of Tamil Nadu.
Should the FS indicate that the LNG projects are feasible, the Parties will negotiate a throughput agreement, cooperation agreement, and/or other contractual arrangement(s) based on mutual consensus between the Parties.
The MOU is valid for a period of 12 (twelve) months and can be extended through a written notice between the Parties. The MOU will be valid as long as the cooperation between TL-Emrail Consortium and the Government of Tamil Nadu remains in place.
The MOU is not expected to have any material impact on the consolidated earnings per share and/or net tangible assets per share of the Group for the financial year ending 31 December 2015.
The Company will provide updates on material developments relating to this MOU as they occur. Each Party will bear its own costs of fulfilling its duties in the conduct of the FS.
To read the full announcement, please click here.
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