Bahrain based investment bank Capital Management House and National Oil and Gas Authority (NOGA) Holding Ccompany have entered a joint venture to take a controlling interest in a leading Norwegian-owned petrochemical logistics business, as per TradeArabia News Service.CMH and NOGA Holding have acquired shares in Skaugen Gulf Petrochem Carriers formed by Norwegian based I M Skaugen that started operations in November 2009. CMH and NOGA Holding will now control a 30% and 35% stake in the company respectively.
Khalid Al Bassam CMH chairman said “With the rapid growth of the region petrochemicals industry, we believe this investment is a timely one, allowing CMH, our partners and other prospective co-investors to benefit from the ever-increasing need for shipping capacity from petrochemical producers of the Gulf region to Asian markets.”
He added that 'With the shipping industry being cyclical, we have made this investment at the bottom of the cycle in terms of asset prices but also in time to be able to fully leverage the positive outlook for the sector and the attractive long term opportunities it provides for growth and sustainable returns.” Mr Khalid M Najibi CMH managing director and chief executive officer said “This investment is in line with our strategy to bring to market solid investment opportunities, which are not usually accessible to individual investors without the relevant industry experience, technical expertise and significant capital expenditures required and will act as a springboard for further business development related to maritime logistical solutions for the oil, gas and petrochemicals industry of the Mena region.”
He said that 'It further underscores CMH's ability to continue to partner with leading regional and global players in their areas of expertise as well as our continued commitment to investing in key sectors that contribute to the development and diversification of the Gulf economies in which we operate.”
03-Jan-11 
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}