Al Rayan Investment LLC, a wholly-owned subsidiary of Masraf Al Rayan, signed on Tuesday in Doha, Qatar a joint venture agreement with Malaysia-based oil and gas services company, SapuraCrest Ventures Sdn Bhd (formerly known as Petro-Plus Sdn Bhd) - a wholly-owned subsidiary of Sapuracrest Petroleum Berhad. In the new joint venture Al Rayan owns 51 percent of issued shares while SapuraCrest Ventures will own the remaining 49 percent. The joint venture will see the incorporation of a new company called SapuraCrest Qatar LLC, which will leverage the expertise and experience of SapuraCrest Petroleum in the oil and gas services sectors in Qatar. The joint venture will be established after seeking and obtaining the necessary approvals from all relevant authorities. Dr Hussain Al-Abdulla, chairman of Masraf Al Rayan, said: “This partnership offers a unique synergy that will establish SapuraCrest Qatar as a key player in the region's oil and gas industry. Al Rayan Investment has a well entrenched regional market presence, which will be complemented by the substantial expertise and experience of SapuraCrest Petroleum in the oil and gas services industry.” “Qatar provides immense potential for oil and gas service providers, and SapuraCrest Ventures is delighted to have partnered with an established organization like Al Rayan Investment. This collaboration represents our continuing effort to expand SapuraCrest Petroleum's presence in the international arena of which the Middle East is a major market,” said Datuk Shahril Shamsuddin, executive vice chairman of SapuraCrest Petroleum Berhad. Headquartered in Kuala Lumpur, SapuraCrest provides specialized engineering services to the oil & gas, marine and power industries. It offers a variety of engineering services, ranging from installation of pipeline & facilities services.
