| 30 Sep 2007 |
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Oman: Renaissance subsidiary to form Saudi Joint Venture
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MUSCAT -- Renaissance ServicesRenaissance Services
SAOG has announced the signing of an MoU between its subsidiary, Topaz Energy and MarineTopaz Energy and Marine Ltd and Gentas Ltd, a joint venture between the Al Shoaibi GroupAl Shoaibi Group of Companies and the Saudi Trading & Research Company (STARCSTARC), both based in Al Khobar, Saudi Arabia. The MoU will lay the groundwork for the formation of a new Saudi-based marine vessel company. The JV will own and operate vessels to meet the growing demand for Saudi Arabia's expanding offshore oil and gas exploration and production activities.
"The combination of our two companies' skills, experience and resources will provide the platform for developing a new Saudi-based offshore vessel operating company to meet the growing demand for services in this sector of the industry," stated Khalid Al Shoaibi, chairman & CEO of Gentas.
"We are extremely optimistic about the future and look forward to working with our new partners," said Al Shoaibi.
"Topaz's move into Saudi Arabia is a natural extension for its offshore vessel division which has been operating in the AGCC for over 25 years," said Renaissance CEO, Stephen Thomas.
"We see tremendous opportunities in the offshore energy sector of Saudi Arabia and by joining with one of Saudi Arabia's leading companies with extensive experience in the energy sector we are confident our two companies can successfully develop a Saudi based vessel company meeting the highest international standards in the industry."
Saudi Arabia is the world's largest oil exporter with over 25 per cent of the world's proven reserves. The government has recently pledged to double its investment in the energy sector with a growing focus on offshore exploration and development activities.
The Shoaibi Group is a wholly-owned Saudi Arabian organisation established in 1973 to develop and carry out industrial and commercial activities in Saudi Arabia, across the Middle East and internationally. The group's primary focus is in the oil, gas and petrochemical, power and telecommunications sectors; in addition to undertaking private equity investments.
The group's head quarter is in Al Khobar, Saudi Arabia, with subsidiaries in Dammam, Riyadh, Jeddah and London. The group counts amongst its partners Alcatel, Alderley, Dredging International, Enel Power, Expro, FMC Technologies, Halliburton Energy Services, J Ray McDermott, MIS Group, Petrofac, Petrolvalves, Pride International, Sirti, Tenaris and Technip. Shoaibi Group details are available at www.shoaibigroup.com
STARCSTARC
is a limited liability company established in Al Khobar, Saudi Arabia in 1992. It provides products and services to the oil, gas and petrochemical sectors in Saudi Arabia. It has exclusive relationships with Axens, Tenaris, EIM, Trident, KBC, Metito, Clock Spring, Alex Stewart, Messina, among numerous other principals. Further information on STARCSTARC can be obtained from www.starc.com.sa. Renaissance ServicesRenaissance Services
SAOG is an international services company listed on the Muscat Security Market, with a primary focus on providing safe, quality, efficient services to the oil & gas industry.
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