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Shoaibi Group Set up JV with Prosernat in Saudi

Source: 3/21/2011, Location: Middle East

Saudi oil, gas and petrochemical group, Shoaibi Group, have signed a joint-venture agreement with leading natural gas technology and equipment supplier, Prosernat of France to form Prosernat Saudi Arabia Limited (PNSA). Under the joint venture, PNSA will offer a full range of services for natural gas treatment as well as CO2 capture including: process technologies, studies, procurement, construction, commissioning, start-up, operation and maintenance for field gas separation, oil desalting and gas treatment facilities including gas dehydration, gas sweetening, NGL recovery, sulfur recovery and modular units in the Kingdom of Saudi Arabia (KSA). KSA has proven natural gas reserves estimated at 258 trillion cubic feet (Tcf), fourth largest in the world behind Russia, Iran, and Qatar, according to the Oil and Gas Journal. Natural gas output needs meet its rising demand in sectors like power generation and water desalination. Natural gas resources are critical for the growth of the petrochemical sector as well.

Khalid Al Shoaibi, Shoaibi Group Director and appointed PNSA Chairman said, “We are glad to enter into this joint venture with Prosernat. Natural Gas production is on the rise in Saudi Arabia and is expected to increase by 40 percent in the next four years to 4.5 billion cubic feet per day in 2014. Adding advanced natural gas solutions to our portfolio is essential, and we saw Prosernat as an excellent choice to introduce to the market.” Jean-Noël Méary, Chairman and CEO of Prosernat, said, “Our alliance with Shoaibi Group to form this joint venture is a unique opportunity for Prosernat to have a local presence in KSA and therefore to better serve our customers in this reference market, through our complete range of technological services. The creation of PNSA along with the technical alliance settled between PNSA and MISA, an affiliate of Shoaibi Group, is in the core of Prosernat’s customer focused strategy, I would even say of IFP Energies nouvelles Group strategy, which is to establish long term technology relationships.”

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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