Shares in Sabien Technology Group PLC rose on Wednesday after the company said its South Korean partner and its partially-owned special-purpose company B.grn had signed supply contracts to develop Britain’s first renewable green oil system
Shares were up 1.25p, or 10%, at 13.5p by 0909 GMT.
B.grn, a supplier of carbon-reduction technology, said its 33%-owned company B.grn had signed a binding contract with South Korea’s City Oil Field, with Sabien acting as sales agent. According to the agreement, B.grn is responsible for securing, financing and developing suitable sites and procuring all necessary equipment from COF, which must supply at contract prices.
B.grn has paid COF for a formal contract conditional on raising the required funds and signing an engineering, procurement and construction contract within one year. Sabien said that was likely, but there was no guarantee the deal would be completed.
Upon completion of the agreement, Sabien will receive $1 million in commissions for the successful delivery and installation of the first and subsequent sites, as well as a portion of B.grn’s proceeds.
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