Al Ghurair Investment & ETA Ascon Star Group conclude USD 2 billion deal with NOC, Libya.Summary: In a landmark achievement, the Star Consortium comprising of the Al Ghurair InvestmentsCO subsidiary TransAsia Gas International and ETA e·ta n. Symbol  The seventh letter of the Greek alphabet.ETA estimated transmitting ability. Ascon Star GroupCOs Star Petro Energy, have successfully concluded a deal with the National Oil Company (NOC (Network Operations Center) A central or regional location for monitoring a large network. Also called a "network management center" (NMC), "service management center" (SMC) or "network control center" (NCC), a NOC may be used to manage a large enterprise network, ) of Libya to set up a joint venture company to own and upgrade its Ras Lanuf refinery. The companies had signed a Joint Venture framework agreement in February earlier this year confirming their intentions to form the Joint Venture Company which has now been concluded after signing of the Shareholders Agreement. The shareholder agreement was signed by Dr. Shukri Ghanem Shukri Mohammed Ghanem (Arabic: شكرى محمد غانم ) (born 1942) is the former General Secretary of the People's Committee in Libya (prime minister). , Chairman of National Oil Corporation of Libya, and Abdullah Ahmad
Tan Sri Abdullah Ahmad (born 1933) is a Malaysian journalist and a politician. Al Ghurair, Chairman Al Ghurair Investments and Star Consortium. In a landmark achievement, the Star Consortium comprising of the Al Ghurair InvestmentsCO subsidiary TransAsia Gas International and ETA Ascon Star GroupCOs Star Petro Energy, have successfully concluded a deal with the National Oil Company (NOC) of Libya to set up a joint venture company to own and upgrade its Ras Lanuf refinery. The companies had signed a Joint Venture framework agreement in February earlier this year confirming their intentions to form the Joint Venture Company which has now been concluded after signing of the Shareholders Agreement. The shareholder agreement was signed by Dr. Shukri Ghanem, Chairman of National Oil Corporation of Libya, and Abdullah Ahmad Al Ghurair, Chairman Al Ghurair Investments and Star Consortium. The proposed Joint Venture Company will be incorporated and registered in one of the free zones in Dubai, with offices in Ras Lanuf, Tripoli Tripoli, city, Lebanon Tripoli (trĭp`əlē) or Tarabulus (täräb`  l and Dubai. The consortium is considering the DMCC DMCC Dubai Multi Commodities CentreDMCC Data Management and Coordinating Center DMCC Data Management Coordinating Committee DMCC Diploma in the Medical Care of Catastrophes DMCC Division Movement Control Center DMCC Depot Maintenance Control Center , among the free zones in UAE (Uninterruptible Application Error) The name given to a crash in Windows 3.0. In subsequent versions of Windows, a crash was called a "General Protection Fault," "Application Error" or "Illegal Operation." See crash in Windows and abend. , to set up the JV. The company will be a 50:50 Joint Venture between the Star Consortium and NOC. Ras Lanuf refinery produces 10 Million tones of refined petroleum products per year which are sold locally as well as exported to America and Europe. The upgradation project which is estimated to cost USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 2 billion will take five years to complete and would start immediately. It will involve revamping and refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur of the existing plant to increase capacity and improve efficiency as well as upgrading and expansion of the refinery, using state-of-the-art technology to improve the quality of products to meet latest international standards. Commenting on the conclusion of the joint venture, Abdullah Ahmad Al Ghurair, Chairman of Al Ghurair, said: C[pounds sterling]This deal with Libyan National Oil Company is a major achievement for TransAsia Gas International, which clearly demonstrates its capacity to carry out work on large scale refinery projects. By winning this JV contract, the company has moved one step closer to becoming a fully integrated energy company. We are confident that and the Star Consortium, including TransAsia Gas International, would meet the expectations of our JV partners.C[yen] Syed Salahuddin, Managing Director, ETA Ascon Star Group, said: C[pounds sterling]Star Petro Energy is proud to be part of the Star Consortium in the deal with Libyan NOC to revamp re·vamp tr.v. re·vamped, re·vamp·ing, re·vamps 1. To patch up or restore; renovate. 2. To revise or reconstruct (a manuscript, for example). 3. To vamp (a shoe) anew. n. one of its refineries. We will contribute our best of efforts to make this project a role model for other UAE companies seeking to spread into North African North Africa A region of northern Africa generally considered to include the modern-day countries of Morocco, Algeria, Tunisia, and Libya. North African adj. & n. Adj. 1. markets.C[yen] Following the Ras Lanuf deal, Al Ghurair and ETA Ascon Star Group are also pursing other investment and joint venture opportunities in LibyaCOs Oil field services, steel and cement industries. About ETA Ascon Star Group: ETA Ascon Star Group is a multinational and diversified group established in 1973 as a joint venture under the UAE's Abdulla Al Ghurair Group. Headquartered in Dubai, ETA Ascon Star Group has built an enviable reputation for quality, excellent service and cost-effective technological capability. The group's network encompasses 140 entities and associate offices in 22 countries and employs more than 68,000 people with consolidated sales in excess of US$ 5 billion. Areas of expertise under the ETA Ascon Star Group umbrella include Contracting & Engineering, Trading, Shipping, Manufacturing and Assembly, Facility Management & Environmental, Automobile, Real Estate, Retail, Services, Travel & Leisure, Health Care, Aviation, Learning & Education, Insurance, Hospitality, Oil & Natural Gas. For further information, please visit www.etaascon.com A[umlaut umlaut ( m`lout) [Ger.,=transformed sound], in inflection, variation of vowels of the type of English man to men. ] 2008 Al Bawaba (www.albawaba.com)
A[umlaut] 2008 Al Bawaba (Albawaba.com) Provided by Syndigate.info an Albawaba.com company |
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