MEDIA RELEASE PR39818
Al Rayan Investment Forms Joint Venture With Malaysian-Based SapuraCrest Petroleum
DOHA, Qatar, June 2/PRNewswire-AsiaNet/ --
- Joint Venture Called SapuraCrest Qatar LLC to Operate in the
Oil and Gas Sector
Al Rayan Investment LLC, a wholly-owned subsidiary of Masraf
Al Rayan, today announced a joint venture with Malaysia-based oil and gas
services company, SapuraCrest Ventures Sdn Bhd (formerly known as Petro-Plus
Sdn Bhd) - a wholly-owned subsidiary of Sapuracrest Petroleum Berhad.
The joint venture will see the incorporation of a new company
called SapuraCrest Qatar LLC, which will leverage the expertise and
experience of SapuraCrest Petroleum in the oil and gas services sectors in
Qatar. This joint venture will be established after seeking and obtaining the
necessary approvals from all relevant authorities.
Commenting on the joint venture, Dr Hussain Al-Abdulla,
Chairman of Masraf Al Rayan, said: "This partnership offers a unique synergy
that will establish SapuraCrest Qatar as a key player in the region's oil and
gas industry. Al Rayan Investment has a well entrenched regional market
presence, which will be complemented by the substantial expertise and
experience of SapuraCrest Petroleum in the oil and gas services industry."
"Qatar provides immense potential for oil and gas service
providers, and SapuraCrest Ventures is delighted to have partnered with an
established organization like Al Rayan Investment. This collaboration
represents our continuing effort to expand SapuraCrest Petroleum's presence
in the international arena of which the Middle East is a major market," said
Datuk Shahril Shamsuddin, Executive Vice Chairman of SapuraCrest Petroleum
Berhad.
The joint venture agreement was signed today in Doha, Qatar.
Share ownership in the new joint venture will see Al Rayan owning 51% of its
issued shares while SapuraCrest Ventures will own the remaining 49%.
Headquartered in Kuala Lumpur, Malaysia, SapuraCrest Petroleum
provides specialized engineering services to the oil & gas, marine and power
industries. With offices across Malaysia, Singapore and Australia,
SapuraCrest Petroleum offers a variety of engineering services, ranging from
installation of pipeline & facilities services, marine services, drilling, as
well as operations & maintenance.
Editor's Notes
Masraf Al Rayan
Masraf Al Rayan(MAR) was incorporated as Qatari Shareholding
Company under the Qatar Commercial Company law, on 4th January 2006, and
licensed by Qatar Central Bank. As per its Articles of Association, the Bank
is engaged in banking, financing and investing activities in conformity with
the Principles of Islamic Shari'a. Its strategic vision of the future is to
be a leading and innovative international Islamic financial institution with
Corporate, Retail, SME and Private banking, as well as Treasury. Al Rayan
Investment is also the investment-arm of Masraf Al Rayan, which completes the
circle for Masraf Al Rayan as being a full-fledged Islamic bank. Now MAR
boasts total assets of over QAR 28 billion, which makes MAR the number one
bank in the state of Qatar, in terms of growing its balance sheet, attracting
the largest amount of customer deposits in Q1, 2010 and keeping its #1 status
in both profitability and efficiency.
Al Rayan Investment
Al Rayan Investment LLC (ARI) was established in 2007 and is licensed
under the QFC Regulatory Authority; it is the investment and financial
advisory arm of Masraf Al Rayan. ARI is a trusted partner in the region
offering innovative financial advice. ARI prides itself in having built a
global team of world-class professionals with market leading local expertise,
providing the premium and differentiated service that Al Rayan's clients have
come to expect. ARI has a paid up capital of USD 100 million.
SapuraCrest Petroleum Berhad
SapuraCrest Petroleum Berhad, a public-listed subsidiary of
the Sapura Group of Companies, is one of the largest local oil and gas
integrated service providers in Malaysia.
Through its subsidiaries, SapuraCrest Petroleum is involved in
marine installation and construction, offshore drilling and marine services
in Malaysia, Asia Pacific and South Asian regions. In particular, SapuraCrest
Petroleum services cover the provision of accommodation and support vessels
and tender assisted drilling rigs, installation of offshore pipelines and
structures, provision of offshore hook-up, commissioning and topside
maintenance services, provision of underwater services and provision of
offshore geotechnical and geophysical services.
SapuraCrest Ventures Sdn Bhd
SapuraCrest Ventures Sdn Bhd was incorporated in 31 December
1985 and was previously known as Petro-Plus Sdn Bhd. The principal activity
of SapuraCrest Ventures is investment holding.
For more information, please contact:
Mr. Karim Fikry ,
+974-423-5621, or +974-555-8206
karim.fikry@alrayan.com
SOURCE: Masraf Al Rayan
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