Al Rayan Investment Forms Joint Venture With Malaysian-based Sapuracrest Petroleum

< BACK TO NATURAL RESOURCES starstarstarstarstar   Conservation - Natural Resources Press Release
3rd June 2010, 01:45am - Views: 599






Business Finance Masraf Al Rayan 2 image









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









news articles logo NEWS ARTICLES
Contact News Articles |Remove this article