DOHA, Qatar, June 2, 2010 /PRNewswire/ -- 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.
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.
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SOURCE: Masraf Al Rayan
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