ITF Extends International Footprint with New Offices

- ITF Extends International Footprint with New Offices

Thursday, August 25, 2011
ITF

ITF is increasing its international footprint by opening two new offices in the Asia-Pacific region to drive new technology solutions to tackle global oil and gas challenges.

The Aberdeen headquartered organization is opening bases in Perth and Kuala Lumpur to unite technology developers with its membership of major oil and gas operators and has revealed plans to invest AUD $9 million (£5.7 million) in groundbreaking solutions there by 2015.

Peter Brazier has been appointed as regional manager for Australia, and will head up the office in Perth. With 30 years' industry experience, Mr. Brazier will promote the organization in the region and encourage more operators and service companies to join ITF.

He said, "ITF currently has a good position with major companies such as Woodside and Chevron already signed up as members, who see the benefits of collaborating on funding new technologies. However, there is a growing demand for next generation technologies that will recover hydrocarbons from increasingly challenging environments and I want to make sure that local companies benefit from the funding being offered. I'm looking forward to building strong relationships with oil and gas operators, innovative technology companies and academic institutions."

Mr. Brazier joins ITF following eight years at the Commonwealth Science and Industry Research Organization (CSIRO), where he held several prominent research managerial positions. This included secondment as chief executive of the Western Australian Energy Research Alliance and secondment as CEO of the research joint venture between WA:ERA and Woodside Energy.

Prior to this he also worked for companies including Woodside Energy and Halliburton Energy. Mr. Brazier is a member of the Society of Exploration Geophysicists, the Australian Society of Exploration Geophysicists, and Australian Petroleum Production & Exploration Association. Mr. Brazier will also facilitate a workshop at Offshore Convention: Australasia on Advances of Subsea Technologies in Australia this month.

ITF's regional director for the Middle East and Asia-Pacific, Ryan McPherson will oversee the Kuala Lumpur base with plans to appoint a full time technology analyst there next year.

Mr. McPherson said, "There is definitely an appetite for concerted technology development in Australia and Malaysia and our aim is to invest $9 million in new technologies over the next four years. We are extremely pleased to welcome Peter to the team and are certain his extensive network of contacts and industry knowledge will enable us to successfully bring more technology to market."

The new offices come as ITF also issues a Call for Proposals for subsea technologies. This was the result of a Technology Challenge Workshop which took place in Perth in June.

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Blake International Adds Another Rig to its Fleet

- Blake International Adds Another Rig to its Fleet

Monday, August 22, 2011
Blake International

Blake International has purchased a 3000hp platform rig from Well Services LTD in Trinidad. Blake has renamed the rig the 'Blake Rig 5' and it has a 1 year contract working for PEMEX with a contract value of $25,000,000.00. "This acquisition was essential for us to meet the market's demand for higher horsepower rigs", says Beau Blake, Vice President of Business Development.
>P?The Blake Rig 5 is currently being shipped from Trinidad to Mexico where it will undergo minor refurbishments before beginning its contract with PEMEX.

Blake International owns and operates a fleet of 10 Platform Rigs in the US and Mexico.

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Iraq Oil Ministry Qualifies 41 International Firms for New Bid Round

- Iraq Oil Ministry Qualifies 41 International Firms for New Bid Round

Monday, August 08, 2011
Dow Jones Newswires
AMMAN
by Hassan Hafidh

The Iraqi oil ministry has qualified some 41 international companies to compete for 12 exploration blocks in the next bidding round which is scheduled to be held in January, the ministry said in statement Monday.

Iraq, which sits on the world's third largest oil reserves, has estimated that the new blocks would add some 10 billion barrels of oil to Iraq's current reserves of 143 billion barrels, and some 29 trillion cubic feet of gas to its current reserves of 112.6 trillion cubic feet.

Among the companies qualified by the ministry for the licensing auction are some of the world's oil majors such as BP, Shell, ExxonMobil, Lukoil, Total, China National Petroleum Corp., or CNPC, Eni, Occidental Petroleum Corp. (OXY) and Chevron.

The list also includes nine Japanese firms. They are, among others, INPEX, Japan Oil, Gas and Metals National Corp., or JOGMEC, Mitsui Oil Exploration Co. Ltd, JX Nippon Oil & Gas Exploration Corp., or JX-NOEX, Itochu, Mitsubishi, and Japan Petroleum exploration Co. Ltd, known as Japex.

Two Arab companies are listed by the ministry. They are Mubadala Oil & Gas of the United Arab Emirates, and Kuwait Energy of Kuwait.

The ministry said the chosen companies are among 50 firms who submitted applications and documents to take part in the bidding round, scheduled to be held in January next year.

Many of the listed companies have won deals to upgrade Iraq's vast oil and gas fields. Baghdad has held three bidding rounds in the past two years to auction off 15 of the country's most prized oil and gas fields.

Three of the announced blocks are located in the western Anbar province while two others are shared by the Anbar, Nineveh and Najaf governorates. The sixth is in Nineveh governorate in northern Iraq. These six are believed to contain gas resources, oil ministry officials said.

The remaining five blocks, believed to contain crude oil resources, are located in other governorates including Basra, Dhi Qar (Nassiriyah), Muthanna (Samawa), Babil, Najaf, Wasit and Diyala provinces, the officials said.

The size of the blocks range from 5,500 square kilometers to 9,000 square kilometers, they added.

Iraq needs to boost gas production and build more gas-fired power plants to increase its power output, currently at 6,500 megawatts, which represent less than half the country's needs.

Although international companies would prefer production-sharing contracts for exploration blocks, Iraqi oil officials said the deals would be based on a service contract, which means winning companies will be paid a flat fee for their services rather than be given a share in the resources. But it would be slightly different from the 20-year service contract offered in the previous three bidding rounds, they said.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Uganda's Oil Potential Arouses International Interest

- Uganda's Oil Potential Arouses International Interest

Wednesday, July 20, 2011
OilPrice.com
by Charles Kennedy

The French Ambassador to Uganda has said that the exploration for oil in the country is a key opportunity for Uganda's government to press ahead with its development agendas.

Speaking during celebrations to mark the French National Day in Kampala, Ambassador Aline Kuster-Menager said, "Exploitation of the country's oil resources offers a unique and key opportunity for Uganda to boost its development with new and substantial financial resources," The Monitor reported.

Recent discoveries of vast oil reserves, particularly the oil rich Albertine Graben, with estimated reserves of at least 2.5 billion barrels of oil, mean Uganda is set to become a key oil producer on a part with other African oil producing nations, such as neighboring Sudan, Angola, Nigeria and Equatorial Guinea. Some estimate place the Albertine Graben reserve as high as six billion barrels of recoverable oil.

On the basis of such reserves, government analysts estimate that Uganda will be able to support production of over 100,000 barrels of oil per day for the next two decades.

To exploit these resources, the government has signed several leasing contracts with international companies. The French energy giant Total has been granted a large chunk of the rights of exploitation in the Albertine Graben.

The Tullow Oil exploration has already confirmed Albertine Graben reserves of 2.5 billion barrels of oil. As hydrocarbons have been encountered in 51 out of the 55 wells drilled by Tullow Oil, the developments have put Uganda's discovery rate at 92.3 percent.

(Charles Kennedy is Deputy Editor of OilPrice.com. The original article appears here.)

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Devin International Names New Deepwater Projects Coordinator

- Devin International Names New Deepwater Projects Coordinator

Thursday, July 07, 2011
Devin International

Devin International has promoted Craig Latch to Deepwater Projects Coordinator, Gulf of Mexico, announced Joe Miller, Vice President of Sales and Marketing.

Latch will coordinate the initiation and execution of equipment orders for customers' projects from Devin International's Lafayette, La. office. He previously served as International Projects Coordinator for the company.

"Craig's proven track record of organizational and leadership skills makes him the perfect fit to fill this position," said Miller." He has proven himself effective through consistent personal performance and continued growth for Devin."

Latch earned a bachelor's and a master's degree in communications/ marketing from the University of Louisiana at Lafayette. He is a member of Young Professionals in Energy and the Intervention and Coiled Tubing Association

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New IMF Leader Christine LaGarde Receives $550,000 Pay

- New IMF Leader Christine LaGarde Receives $550,000 Pay



Jul 5, 2011

According to the International Monetary Fund, newly elected IMF Leader Christine LaGarde will be paid $550,000 yearly along with an annual allowance $83,760 for living expenses.

LaGarde is the first woman to head the IMF and will start her 5-year term as managing director on Tuesday. As claimed to the terms of qualification the IMF said Lagarde is "expected to observe the highest standards of ethical conduct, consistent with the values of integrity, impartiality and discretion."

Her take over is a pivotal period for the IMF, which is working closely with the European Union and the European Central Bank to provide troubled European economies and financial support for Greece.

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Fugro Names International Marketing Manager

- Fugro Names International Marketing Manager

Tuesday, June 21, 2011
Fugro Multi Client Services Pty Ltd.

Ewa Ginal has been named International Marketing Manager at Fugro Multi Client Services, Rachel Masters, Managing Director of Fugro Multi Client Services Pty Ltd, announced.

Operating out of the Perth, West Australia office, Ginal will be responsible for the sales and marketing of non-exclusive seismic data projects to the oil and gas market, primarily in the Asia Pacific region to include; Australia, New Zealand, Timor, Papua New Guinea, Indonesia, India and the Seychelles Islands.

"Ewa has proven herself through her history with Fugro," said Masters. "She knows Fugro on an international business level and that will definitely contribute to her continued success with the company."

Ginal joined Fugro Robertson in 2005 as a client manager where she was responsible for supporting the clients of Fugro Robertson's flagship geological product, Tellus™. Her other positions with Fugro Robertson have included, Tellus™ Sales Manager and Business Development Manager where she was responsible for the sales of the entire Fugro Robertson portfolio of non-exclusive products and new business in the Far East.

Ginal holds a Master of Science in Geology from the University of Warsaw, Poland. She is a member of the American Association of Petroleum Geologists, the South Asia Petroleum Exploration Society and the Petroleum Exploration Society of Great Britain.

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Maurel & Prom Sells Drilling Unit to Tuscany International

- Maurel & Prom Sells Drilling Unit to Tuscany International

Tuesday, June 21, 2011
Maurel & Prom

Maurel & Prom and Tuscany International are entering a definitive agreement whereby Tuscany's wholly-owned subsidiary Tuscany Rig Leasing S.A. will acquire all of the issued and outstanding shares of Caroil SAS, the drilling and work-over subsidiary of Maurel & Prom.

The purchase price will be paid by Tuscany in the delivery of US $120 million in cash, 82.5 million Tuscany shares and 27.5 million zero cost, non-transferable, non-voting common share purchase warrants (1/1).

Closing is expected to occur in the third quarter of 2011.

On the completion of the acquisition, it is expected that Maurel & Prom will own approximately 29% of the issued and outstanding Tuscany shares. Tuscany will be required to obtain the approval of a simple majority of its shareholders for the issuance of Tuscany shares and warrants to Maurel & Prom pursuant to the acquisition.

Caroil & Tuscany are joining forces to create a leading emerging market player, active in two high growth areas: Latam & Africa.

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Dominique Strauss-Kahn Pleads Not Guilty in Manhattan Court

- Dominique Strauss-Kahn Pleads Not Guilty in Manhattan Court



Jun 6, 2011

Ex-IMF Chief, Dominique Strauss-Kahn pleaded not guilty Monday morning on charges of attempted rape and sexual assault at a New York Supreme Court.

He was charged on May 15th on seven counts, including attempted rape, criminal sexual assault, unlawful imprisonment, sex abuse and forcible touching.

After his arrest last May, Strass-Kahn stepped down as IMF leader and has been under house arrest in a downtown Manhattan apartment and currently in a deluxe townhouse.

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ProSep Strengthens Services with Leading International Team

- ProSep Strengthens Services with Leading International Team

Thursday, June 02, 2011
ProSep Inc.

ProSep announced the assembly of its leading international process engineering and business development teams, and the nomination of Gary Blizzard, M.B.A., as Executive Vice President of Process Engineering and Product Development.

During the last 6 months, ProSep hired a large number of internationally recognized process engineers, scientists, and business development managers. With a broader offering, access to additional customer relationships, agents, and business partners, ProSep is now one of the industry's top technology-focused provider.

"The addition of these leading experts to the ProSep team marks an important milestone in our growth plan. Collectively, these additional professional engineers played a key role in the success of our industry's most renowned process equipment supplier," said Jacques L. Drouin. "By doubling the size of our engineering capacity and business development team, we are reaching critical mass and this should allow us to significantly increase projected revenues and reach profitability."

"To lead our new process engineering team and ensure we unlock significant value residing in our proprietary technologies, we nominated Gary Blizzard, who brings an impeccable track record in international business development and a strong background in the field of innovative process engineering," said Jacques L. Drouin, President and CEO.

Gary Blizzard brings over 25 years of diverse experience within multiple segments of the energy industry in the areas of international business development, marketing, engineering, and project management. Prior to joining ProSep, Gary was Business Development Director at Alcoa Oil & Gas and previously Vice President Marketing & Business Development at NATCO Group where he provided leadership for growing the specialized gas treating technology business. He holds a Bachelor of Science in Chemical Engineering from Texas A&M University and a Master of Business Administration from The University of Texas at Austin.

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EFC Reports US Order Growth

EFC Reports US Order Growth

Monday, May 09, 2011
EFC Group

Headquartered in Aberdeen, Scotland, EFC Group announced significant order growth for its Houston office and US-based manufacturing capabilities.

The Americas region of EFC Group, a leading designer and manufacturer of Handling, Control, Instrumentation, and Monitoring Systems for the global oil and gas industry, also announced several major new US contracts, taking its Hydraulic Controls Division over the $1 million USD [approx GBP600,000] mark in 2011 to date.

EFC Group general manager Americas, Mike Coady said: "Our Houston-based staff and contractor numbers have doubled in the last six months to meet local manufacturing demand.

"With the launch of EFC Group Hydraulic Control and Test Panel product line, the Americas team has recently secured contracts totaling over $1million USD. Most notably a contract award for six trailer mounted systems for a global pressure control company."

Ocean Rig has placed a further significant contract for its four ultra-deep waters high-specification drill ships, 12 hotline test panels have been procured, the first three have been delivered onboard the Ocean Corcovado.

Terry Wise, Ocean Rig Subsea Project Engineer commented "EFC quickly customized a neat solution providing the exact regulated lines for our testing needs. We will continue to work with EFC for future control and instrumentation systems."

EFC is predicting 60% international growth over the next two years, with a strong focus on the US market.

EFC showcased its latest hydraulic product launch, the high pressure 15Kpsi BOP Test unit during its OTC Open House. The BOP Test Unit answers the increasing industry need for frequent testing whilst reducing operational downtime.

Mike continues: "With North and South America and Gulf of Mexico sectors accounting for more than 30% of our international business, the US market is extremely important to us and is supported by our growing Houston team. We are continuing to develop our reputation as a specialist supplier of tailored mechnanical handling, well control, BOP control and marine instrumentation system solutions to the global oil and gas industry."

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SmarTrend Market Close Wrap-up -- April 11, 2011

SmarTrend Market Close Wrap-up -- April 11, 2011



The major U.S. equity indices closed mixed Monday ahead of first-quarter corporate-earnings season and after the IMF said that higher gas prices could slow the pace of the U.S. economy.

The IMF lowered its outlook for U.S. economic growth to 2.8% in 2011. It had previously forecast 3% growth for the U.S.

In corporate news, Alcoa (NYSE:AA) reported Q1 EPS of $0.28, ex-items, ahead of consensus estimates of $0.27 per share. Revenues for the quarter rose 22% year-over-year to $6.0 billion, missing consensus estimates of $6.07 billion.

The Dow Jones Industrial Average (DJI) closed 0.01% higher at 12,381.11, the S&P500 (INX) closed 0.28% lower at 1,324.46, and the Nasdaq Composite (IXIC) closed 0.32% lower at 2,771.51.

Shell to Start Drilling at Iraq Majnoon Oil Field in July

Shell to Start Drilling at Iraq Majnoon Oil Field in July

Thursday, March 31, 2011
by  Hassan Hafidh

Shell along with its partners, Malaysia's Petronas and the Iraqi state Missan Oil Co., will start drilling the first new well in the super-giant Majnoon oil field in July, a company executive said Thursday.

"Shell is targeting July 2011 to spud the first well," Ole Myklestad, managing director of Shell in Iraq told reporters in Basra.

Between 15 and 20 wells will be drilled in Majnoon oil field in southern Iraq and some 27 others will be refurbished to bring output to 175,000 barrels a day by the end of next year from the current 60,000 barrels a day, Myklestad said. The new wells and the refurbish work is part of an early production plan.

The well drilling is part of a contract Shell and its partners signed with U.S. service giant Halliburton and the state-run Iraqi Drilling Co. last year.

The executive also said that Shell has opened a new office in Basra to manage its projects in Iraq. The office is to make sure that "we have the human resources and all the supports required by an international company in Basra."

Myklestad said that there are some 300 Iraqis working on the Majnoon project and they are from the state-run South Oil Co. Some 50 Shell expatriate personnel are also working on the project, he said.

Shell and Petronas won the right to develop Majnoon oil field, located in Basra governorate in southern Iraq, at an auction held in Baghdad December 2009. Shells owns 45% of the venture and Petronas 30%, with Iraq's Missan Oil Co. the remaining 25%.

Shell also will start constructing a 75 kilometer pipeline to connect Majnoon with the crude oil depots in Faw, as a stop before shipping the crude into vessels in the Gulf. Myklestad said that Shell and its partner would provide the finance for building the pipeline.

The Anglo-Dutch giant is also planning to commence a seismic survey but after clearing mines left from the 1980-88 Iraq-Iran war.

"We want to get results of a seismic survey in the next two years," he said.

LG International to Take Stake in Geopark Assets

LG International to Take Stake in Geopark Assets

Wednesday, March 30, 2011
Geopark Holdings Ltd.

LG International and GeoPark announced the acceleration of their strategic partnership by the acquisition of and investment in certain upstream oil and gas interests of each company.
In 2010, GeoPark and LGI entered into a strategic partnership to acquire a portfolio of oil and gas upstream assets in Latin America. As an initial step to cement this relationship, GeoPark has reached an in-principle agreement to sell to LGI a 10% interest in GeoPark Chile Limited, a company registered in Bermuda, for US $70 million. The transaction is expected to close in 2Q 2011.

In addition, in a separate transaction, and subject to obtaining regulatory approvals, GeoPark has reached an in-principle agreement to invest up to US $10 million in the drilling of an exploration well on the Sholkara prospect in the LGI-operated Block 8 in Kazakhstan, which would give GeoPark effectively a 25% participating interest in Block 8. The Sholkara prospect has an unrisked mean oil resource estimate of 100-400 million barrels and represents an exciting opportunity for GeoPark outside its historical and principal area of focus.

LGI is the energy, natural resource and trading affiliate of LG Corporation, the large international Korean company with 147 subsidiaries operating in over 50 countries and with annual sales exceeding US $100 billion. LGI has successfully invested and operated in the oil and gas exploration and production business for over twenty years including current upstream oil and gas projects in Oman, Vietnam and Kazakhstan. LGI has adopted a long term strategy of investing in oil and gas upstream investments in emerging resource-rich countries and has targeted Latin America as a new growth region.

Both transactions are subject to the signing of definitive legal agreements and final approval of the GeoPark and LGI Boards of Directors.

Commenting on today's announcement, James F. Park, Chief Executive Officer of GeoPark, said, "GeoPark views its strategic partnership with LGI as a key element of its future growth and expansion in Latin America. The opportunity to cement this relationship by an initial sharing of projects builds a solid base for a promising long term and committed acquisition partnership. It also clearly demonstrates the value of the business that GeoPark has developed since 2006. GeoPark's primary operational focus will continue to be on developing an exploration and production business in Latin America and we look forward with genuine excitement to the prospect of growing our business across Latin America in partnership with LGI."

Barclays Anticipates $185 Oil in 2020

Barclays Anticipates $185 Oil in 2020

Friday, March 25, 2011

Fort Worth Star-Telegram, Texas

by  Jack Z. Smith

If you believe oil prices are going to soar in coming years, you're very much in sync with the thinking of the brain trust at Barclays Capital, a prominent international investment banking firm based in London.

Barclays, in its Oil Market Update released Thursday, forecasts that a barrel of West Texas Intermediate (WTI) crude oil, the benchmark U.S. grade, will sell for an average price of $185 in 2020. That's $38 higher than the current all-time record high reached in the summer of 2008, when oil topped $147 a barrel.

Meanwhile, Barclays is dramatically revising its 2011 oil price forecast upward in light of tensions in the Middle East, curtailed production in Libya, rising global oil demand and a shrinkage in spare production capacity.

Barclays is now forecasting an average price of $106 a barrel for WTI this year, a $15 jump from its prior estimate of $91. And it is predicting that even pricier North Sea Brent crude will average $112 rather than the $91 it previously forecast for that grade also.

WTI crude for May delivery settled at $105.60 Thursday, down 15 cents, in futures contracts for May delivery on the New York Mercantile Exchange. But the price went as high as $106.69 in intraday trading.

Brent crude gained 17 cents to settle at $115.72 a barrel on the London-based ICE Futures Europe exchange.

Marex Group Reaches Agreement to Acquire Spectron Group

Tuesday, 22 March 2011 02:35 PR Newswire

Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned..

NEW YORK, March 22, 2011 /PRNewswire/ -- Marex Group Limited ("Marex"), the international broker of commodity derivatives, financial futures and foreign exchange, which is majority-owned by JRJ Group ("JRJ") and its partners, Trilantic Capital Partners and BXR Group, today announces that it has reached agreement with Imarex ASA to acquire its 100% holding of Spectron Group Limited ("Spectron") for approximately $154.1 million.

Operating from offices in London, Continental Europe, Asia and the US, Spectron is a leading global broker of wholesale energy and other commodity products. Spectron provides electronic and voice brokerage services for a diverse range of mainly Over-the-Counter ("OTC") markets, including gas, power, environmental products, freight, crude oil and related products, coal, weather and metals. Spectron's broad client base includes traders and risk managers within large oil and gas corporations, energy utilities, commodities firms, financial institutions and charterers. The transaction is subject to FSA approval in the UK and expected to close in the second quarter of 2011.

The combination of the two companies is highly complementary, with each firm a leader in its respective markets. As a leading intermediary in European power and gas markets, Spectron is well positioned for a continuation of the secular growth trend in energy-related financial market activity, with transaction levels expected to continue to respond positively to the processes of liberalisation and integration necessary to realize key EU objectives for competitive, secure and sustainable European energy markets. Marex is a leading broker of metals, agricultural, energy and financial products. Together, the companies will comprise the world's largest independent, privately-owned broker in power, gas, fuel oil, metals, agriculture and other high growth asset classes, able to service clients across both OTC and exchange-traded arenas.

Roger Nagioff, CEO of Marex and Co-Founding Partner of JRJ Group, said: "The partnership with Spectron is transformational for shareholders, clients and employees of both firms. It's a highly complementary combination given Marex's longstanding expertise in exchange-traded commodity derivatives, and Spectron's market-leading execution capabilities in a broad range of energy-related OTC derivatives. This transaction is entirely consistent with, and supportive of, Marex's strategy of growing the firm to become the preeminent independent global broker across the commodities and financial asset classes."

Gordon Bennett, Managing Director of Spectron, said: "The partnership with Marex provides new opportunities for the clients and employees of the combined group. Marex has a successful track record in growing its business and providing top quality service for its clients. I am excited about working with the Marex team to develop the enlarged group into a world-leader across the energy and commodities sectors."

About Spectron

Spectron operates one of the largest global marketplaces for energy, commodity, freight and environmental products from its offices in London, Frankfurt, Oslo, Singapore and several cities across the US. Spectron Group is regulated by the Financial Services Authority in the UK and the National Futures Association in the US. Its screen-based trading system, combined with specialist voice brokers, serves users who trade physical and financial products in a number of wholesale markets, including natural gas, electricity, emissions, coal, metals and weather. About $500bn worth of products and contracts are transacted via the Spectron Group annually. For further information, please visit http://www.spectrongroup.com/.

About Marex

Marex is amongst the world's largest independent, privately-owned, brokers, providing execution, direct market access and clearing services in the metals, energy, agriculture, financial futures and foreign exchange markets. Marex's client base includes commodity producers and consumers, banks, brokers, CTAs, hedge funds and professional traders. Marex is a member of the London Metal Exchange, the CME Group exchanges, ICE US, NYSE Liffe, ICE Futures and Eurex and offers access to all major exchanges in the US and Asia. Marex is headquartered in London with offices in New York, Hong Kong and Geneva. Marex subsidiaries are regulated by the Financial Services Authority in the UK, the National Futures Association in the US and the Securities and Futures Commission in Hong Kong. For further information, please visit http://www.marex.com/.

J.P. Morgan plc acted as financial adviser to Marex on the acquisition and Reynolds Porter Chamberlain LLP and The Dontzin Law Firm LLP acted as legal counsel. PricewaterhouseCoopers LLP provided additional advice.

About JRJ Group

JRJ is a private investment firm established in January 2009. JRJ focuses exclusively on the financial services sector, providing capital, operational expertise and strategic guidance to enhance the value of its investments. For further information, please visit http://www.jrjgroup.com/.

Enquiries

London
Gavin Prentice, Marex

Tel: +44 (0)20 7650 4004

Ethan Levner, JRJ Group

Tel: +44 (0)20 7290 7050

Carole Cable, Brunswick Group

Tel: +44 (0)20 7404 5959

Jeremy Capstick, J.P. Morgan

Tel: +44 (0)20 7742 4000

Hong Kong
Ekaterina Alferova, Brunswick Group

Tel:  +852 3512 5093

New York
Michelle Lee, Brunswick Group

Tel:  +1 212 333 3810

SOURCE Marex

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[Oil and Gas Post] - Samsung wins $2.76 bn project in Saudi Arabia

Samsung wins $2.76 bn project in Saudi Arabia

22 Mar, 2011, 11.40AM IST,AFP

SEOUL: South Korea's Samsung Engineering Co. said Tuesday it had signed a $2.76 billion deal to build a natural gas liquid complex in eastern Saudi Arabia .

Under the deal signed with Saudi Arabia's state-run oil company, Aramco , Samsung Engineering will complete the complex in Shaybah oil and gas field by June 2014.

The plant will produce 750,000 barrels of crude oil and more than 200,000 barrels of natural gas liquids a day.

Samsung Engineering has now secured five projects worth a total of $5 billion, including a power plant project in Wasit, 50 kilometres (30 miles) north of the industrial city of Jubail.

Link
http://economictimes.indiatimes.com/