The plant has a planned capacity of approximately 300 metric tonnes per day.
The BioSeaga group specialises in the development of food security and renewable and sustainable fuel.
"The board is of the view that the project will enable the group to further deepen its participation in the rapidly expanding SAF value chain," reads Oiltek's SGX announcement on April 6.
The company describes this project as a "strategically significant opportunity" as well to deepen its position in the SAF value chain.
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"By acting as the exclusive contractor of the project, it reinforces the group’s credentials as one of the leading solutions providers in renewable fuels and sustainable energy infrastructure," the company adds.
Oiltek International shares gained 20.65% to close at $1.87, extending a gain of 167.14% year to date.
