New Silkroutes’ IEG expects to exceed FY17 revenue target of US$225 mil

SINGAPORE (Aug 24): International Energy Group (IEG), the oil and gas unit of New Silkroutes Group (NSG), says it is on track to generate revenue of more than US$225 million ($304.4 million) by end FY17.

This will be driven by new credit facilities which the company recently obtained from international banks, and will mark the group’s highest revenue in more than a decade, says NSG in a Wednesday release.

IEG contributed US$49.6 million of revenue to NSG’s total revenue of US$54.3 million for FY16, of which US$32.6 million was achieved in the final quarter alone.

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