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FINANCIAL NEWS
Al Rayan creates JV with Malaysian oil firm
02 Jun 2010
(MENAFN) Doha-based Al Rayan Investment LLC signed a joint venture agreement with Malaysia-based oil and gas services company, SapuraCrest Ventures Sdn Bhd, a wholly-owned subsidiary of Sapuracrest Petroleum Berhad, QNA reported.
In the newly-created joint venture, Al Rayan will own 51 percent of issued shares while SapuraCrest Ventures will own the remaining 49 percent.
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.
The joint venture will be established after seeking and obtaining the necessary approvals from all relevant authorities.
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