20 May 2013
Muscat: Takamul Investment Company (Takamul) is entering into a joint venture agreement with the utilities arm of Sembcorp Industries of Singapore to establish the Centralised Utilities Company (CUC under formation), which will provide a range of utilities to the industrial area of the Special Economic Zone at Duqm (Sezad).
Takamul will hold 65 per cent of CUC while Sembcorp's holding will hold the remaining 35 per cent. The joint venture agreement was signed in Muscat yesterday by Nasser Al Jashmi, Chairman of Oman Oil Company and Tang Kin Fei, Group President & CEO of Sembcorp Industries and was witnessed by Yahya Al Jabri, Chairman of the Special Economic Zone Authority Duqm (Sezad) and K. Shanmugam, Singapore's Minister for Foreign Affairs and Minister for Law.
Takamul, a subsidiary of Oman Oil Company, was formed in 2008 to develop sustainable downstream chains to support Oman's thriving industrial sector. The company's primary objective is to promote and invest in value-added, economically viable projects that are fed from local upstream industries. The CUC comes as an important addition to Takamul's industrial portfolio of investments and one of Takamul's first investments in industrial services.
Nasser Al Jashmi, Chairman of Oman Oil said: "This is a significant step in a very positive direction, where Takamul Investment Company has taken the initiative to create a CUC that will provide important long-term economic and social benefits. In doing so, the CUC will contribute to His Majesty's vision of developing Duqm as a major national and international hub thereby supporting the economic development of Oman. The company will also play a major role in the development and success of the Oman Oil Company's investments in Duqm. We are pleased to see that Takamul and Sembcorp have joined forces and together we are confident of a very successful outcome."
Muscat: Takamul Investment Company (Takamul) is entering into a joint venture agreement with the utilities arm of Sembcorp Industries of Singapore to establish the Centralised Utilities Company (CUC under formation), which will provide a range of utilities to the industrial area of the Special Economic Zone at Duqm (Sezad).
Takamul will hold 65 per cent of CUC while Sembcorp's holding will hold the remaining 35 per cent. The joint venture agreement was signed in Muscat yesterday by Nasser Al Jashmi, Chairman of Oman Oil Company and Tang Kin Fei, Group President & CEO of Sembcorp Industries and was witnessed by Yahya Al Jabri, Chairman of the Special Economic Zone Authority Duqm (Sezad) and K. Shanmugam, Singapore's Minister for Foreign Affairs and Minister for Law.
Takamul, a subsidiary of Oman Oil Company, was formed in 2008 to develop sustainable downstream chains to support Oman's thriving industrial sector. The company's primary objective is to promote and invest in value-added, economically viable projects that are fed from local upstream industries. The CUC comes as an important addition to Takamul's industrial portfolio of investments and one of Takamul's first investments in industrial services.
Nasser Al Jashmi, Chairman of Oman Oil said: "This is a significant step in a very positive direction, where Takamul Investment Company has taken the initiative to create a CUC that will provide important long-term economic and social benefits. In doing so, the CUC will contribute to His Majesty's vision of developing Duqm as a major national and international hub thereby supporting the economic development of Oman. The company will also play a major role in the development and success of the Oman Oil Company's investments in Duqm. We are pleased to see that Takamul and Sembcorp have joined forces and together we are confident of a very successful outcome."
© Times of Oman 2013
