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.
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