Graphene NanoChem to extend contract with Tier-1 O&G

16th May 2014 09:23

AIM-listed energy group Graphene NanoChem announced its wholly-owned subsidiary Platinum NanoChem has secured a contract renewal with long-term customer Tier-1 O&G for second generation biofuel PlatClear.The contract is anticipated to be extended to December 2015 and is expected to generate $45m annual revenue. Chief Executive Officer Jespal Deol said: "We are delighted to announce the renewal of this contract, which demonstrates the continuing visibility of underpinned revenues for the group in a very significant way."It also validates the economic and environmental advantages of the group's waste-based products in the international market as we continue to support and grow with our customers. We look forward to updating the market with further developments in due course." As of 10:11, the share price had risen 0.69% to 71p.WS