Globe News Wire 2 oct 15;
NEW YORK and SINGAPORE, Oct. 2, 2015 (GLOBE NEWSWIRE) -- PHI Group, Inc. (Trading Symbol: PHIL), a U.S. public company engaged in energy and natural resources, announced today that the Company has signed agreements with two Vietnam-based companies to secure more than one billion cubic meters of sea sand in the southern provinces of Vietnam for export to Singapore, Brunei and other Asian markets. These agreements are in addition to the existing contracts between KHM JSC and PHI Group for reclamation sand from Central Vietnam.
The sources of the additional saline sand from these concessions are primarily from dredging projects to expand fairways and deepen anchorage areas for shipping vessels.
PHI Group is currently working with the appropriate government agencies, major end users, contractors, dregding, shipping and logistics companies in Southeast Asia to prepare for large-scale long-term supplies to reclamation and land expansion projects in Singapore, Brunei and other Asian countries.
Jalani Haniffa, PHI Group Vice President of Southeast Asia Operations, commented: "We are very pleased to have added substantial sources of sea sand through our partnerships with Vietnamese companies and will be able to meet the demand for reclamation sand in Singapore, Brunei and other Asian countries on a large-scale, cost-effective and long-term basis."
