Just over a year after it started operations, International Energy Group (IEG) said it was on track to generate more than $225 million in revenue by the end of its current financial year ending June 30, 2017, the highest in more than a decade.
IEG, which plans to eventually manage and own oil storage facilities in Asia and Europe, has a joint venture with the government of Malta to develop the island into an energy trading hub between the two continents.
IEG is a wholly owned subsidiary of New Silkroutes Group.
NSG, previously known as Digiland International Ltd, achieved revenue that exceeded $200 million 12 years ago as a distributor of consumer IT products. NSG no longer distributes such products and is evolving into an investment holding company with businesses in energy and resources, infocomm technology, healthcare and fund management.
IEG currently accounts for most of NSG’s revenue. Headquartered in Singapore, IEG commenced operations in June last year as an oil and gas trader. It has since grown rapidly despite the worst slump in oil prices in recent history.
For the 12 months from July 1, 2015, to June 30, 2016, IEG generated revenue of $49.6 million. It eked out a modest profit at its inception and ended the financial year inthe black.
Revenue in the current financial year will be driven by new credit facilities the company recently obtained from several international banks.