Financial Times

Hayleys gets into oil and gas industry business


Hayleys Chairman N.G.Wickremeratne (3rd from right) exchanges the agreement with Edgo Merap Chairperson Koosum Kalyan. Others in the picture are ( from left) - Omar Raban, Managing Director Hayleys Advantis, Mohan Pandithage Deputy Chairman Hayleys Group, Wasantha Sooriyaarachchi General Manager Hayleys Energy Services, Harry Kulasinghe Director Hayleys Energy Services, Chas Charles Director / CEO Hayleys Energy Services and Mazen Masri Managing Director Edgo.

Hayleys PLC this week formalised plans to extend the Group’s expertise and interest into the oil and gas industry to support and facilitate efforts to explore, extract and develop hydrocarbon reserves in the country.

A joint venture agreement was signed in Colombo bringing together the combined resources and synergies of Hayleys Advantis, one of the region’s significant marine services and transport logistics businesses, and the extensive expertise in oil and gas exploration of Edgo Merap, (part of the Edgo Group), a new business entity seeking to provide support services and participate in oil and gas exploration and production activities anticipated in Sri Lanka and overseas locations over the next few years.Hayleys Advantis will own 51 % and have management and administrative control of the new entity Hayleys Energy Services (Pvt) Ltd. (HES) to be set up as a Board of Investment (BOI) company, while Edgo Merap would own 49 %t and provide oil and gas sector expertise, Hayleys Advantis said in a press release.

“Hayleys Advantis already has at its disposal one of South Asia’s more comprehensive transport and cargo logistics infrastructures covering sea, air and land,” said Hayleys Group Deputy Chairman Mohan Pandithage, one of the signatories to the joint venture agreement. “With the sector-specific international expertise, experience and contacts of Edgo Merap, this joint venture will be up and running as a formidable total-service provider when exploration, and hopefully extraction, begins.”
Koosum Kalyan, Chairperson of Edgo Merap Ltd said the company was very pleased at the prospects for the joint venture, to which it would also provide senior oil industry experts of the Edgo Group, an oilfield services provider which serves energy markets in more than 21 countries with 33 bases in the Middle East, Africa, Europe and North America.


 
Top to the page  |  E-mail  |  views[1]
 
Other Financial Times Articles
No grants but redeemable preference shares
LMSL-related bidders make statements to CID
Some tax adjustments seen
Cold Stores to sell bottled water
Maxis considers US$600 mln investments
No-go for Sampath rights issue
Rupee eases, tea-rubber crises averted - Comment
Heading towards a Foreign Exchange Problem?
Corruption and the kassippu industry
Drop in rubber prices will halt before long-RRI
Hayleys gets into oil and gas industry business
Business brief
Coir industry recovers as women find their feet
Al Futtaim comes to JKH rescue in 6-month profit results
New food products from Harischandra Mills amidst record sales
Munchee Lemon Puff back on shelves after Health Ministry clearance
Ceylinco Life’s Life Fund tops Rs 20 bln
Chambers call for public support for President
Eureka’s IT solutions for Asian Cotton Mills
Lanka Orix launches innovative micro finance company
Browns to market eSys Computers, Laptops
UTStarcom downloads next generation Internet technologies into Sri Lanka
Standard Chartered promotes AVIVA’s top Health cover
New report says EU GSP+ benefits not trickling down to workers
Lanka Bell paying customers to use their phones!
KVPL’s 3rd quarter post-tax profit Rs 287 million
SLT leads the way in Asia’s on-line reporting
SEC celebrates 21st anniversary
Ranweli- Where nature beckons
Rupee needs to cross Rs 120 per dollar to jump-start tea exports
Master plan of Water's Edge to be unveiled soon
Strengthening security in city hotels a priority
Rose non-profit international school emphasises holistic education
Dipped Products sees revenues rise

 

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2008 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution