Posted - Tuesday, 03 September 2013 - The Peninsula
DOHA: Doha-based Petroserv Ltd, has announced its entry into the
Australian liquefied natural gas (LNG) sector through an equity
investment with Queensland-based Bothar Boring.
Through this investment, which results in the establishment of
Petroserv International based in Brisbane, Australia, Petroserv Ltd will
combine its long history and experience of contracting in the oil and
gas and infrastructure sectors in Qatar with the similar sector
expertise it has identified in the Bothar group.
The investment is the first significant one by a Qatari company in the
Australian oil and gas market. Under the deal, which sees Petroserv
acquire a 49 percent share in Brisbane-based Bothar Boring &
Tunnelling, Petroserv plans to back its investment with more funding for
greater expansion into Australia’s gas sector.
The Petroserv International group of companies in Australia and the
Asia-Pacific region will focus on oil and gas pipelines, engineering and
fabrication solutions as well as below ground infrastructure, supported
closely by the very successful micro-tunnelling business of Bothar
Boring. A part of the metal fabrication work will be sub-contracted to
Petroserv Limited here in Qatar.
Petroserv Ltd is a Qatari company which was started in 1978 to
initially focus on metal fabrication for the oil and gas sector. The
company later expanded into the civil and infrastructure sectors in
Qatar. The new Petroserv group of companies will now use its
international presence to reach out further afield with its contracting
businesses.
Sheikh Sultan bin Jassim Al Thani, Chairman of the Board of Petroserv
Ltd, said the two entitles had been in discussions for some time.
“After commencing a joint venture relationship in Qatar in the
micro-tunneling sector and getting to know the management, their group
strategy and capacity, we all realized that there was a logical outcome
of an equity partnership in Australia, with the key focus on contracting
in the oil and gas sector there.”
Petroserv Ltd Managing Director Barry Miles, who heads up the
contracting group in Qatar, said: “We have been extremely pleased with
the outcome of the relationship with the Bothar team. What started as a
micro-tunneling partnership in Qatar has now materialized into an
international equity partnership, with both partners capitalizing on the
other’s strengths whilst targeting the LNG opportunities in Australia.”
“The business strategy of the Petroserv Group has been focused on
growth largely by investment into businesses complementary to the value
chains already present in Petroserv Ltd. The Group has sought to commit
to strategic partnerships as opposed to solely follow a joint venture
model which may be successful but is always limited to the contracts
jointly targeted.
“The Group is looking for a more holistic and internationally
diversified growth strategy, supported by operational involvement with
partners such as in Australia.” said Andrew Wright, Head of Mergers and
Acquisitions.
Post to be found at:
http://thepeninsulaqatar.com/business/251455-qatar%E2%80%99s-petroserv-enters-australian-lng-sector.html
No comments:
Post a Comment