ORKIM Bhd’s wholly-owned subsidiary, Orkim Marine Sdn Bhd (OMSB), has secured a time charter contract from PETCO Trading Labuan Company Ltd (PTLCL) with an estimated value of RM32 million.

In an exchange filing today, the Malaysian tanker operator said OMSB entered into the contract for a firm period of six months, with an option for a further six months at the charterer’s discretion, with PTLCL on Feb 23.

The Labuan-based PTLCL is a wholly-owned subsidiary of Petronas Trading Corporation Sdn Bhd (PETCO). It serves as a key midstream entity, specialising in the global marketing, sourcing and trading of crude oil, petroleum products and LNG.

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