DGAP-News: De Raj Group AG
/ Key word(s): Joint Venture
De Raj Group and Geptrol form Joint Venture
Cologne, Germany/MALABO, Equatorial Guinea, 14 February 2020: DE RAJ GROUP AG, Germany and the EQUATORIAL GUINEA NATIONAL OIL COMPANY (Guinea Ecuatorial de Petròleos S.A.), GEPETROL, have issued this Joint Press release to announce their formation of a strategic Joint Venture for the development & production of oilfields; construction and upgradation of FPSOs; Design, Engineering, Procurement and Construction of Refinery, Petrochemical Complex, Pharmaceutical Complex, Plastic Production Plant, Infrastructure Projects through issue of oil & gas backed bonds; and various other major & critical oil and gas Projects to boost the Equatorial Guinea industrialisation strategy and roadmap.
The Joint Venture scope of capabilities are focused on enhancing operational efficiencies and schedule impacts to enhance field productions and to maintain an effective, continuous improvement approach, ensuring best in class and globally acceptable development and production services standards in the Equatorial Guinea oil and gas sector.
GEPETROL is a 100% State owned Oil Company of the Republic of Equatorial Guinea with participating interests in oil exploration blocks and the monitoring of petroleum operations in the country with an establishing mandate to create improved reliability, maximise production and enhance asset integrity and cost efficiency.
GEPETROL wants to increase local content participation in the oil & gas activities across board in Equatorial Guinea with a vision to grow a national oil company that is competitive, innovative, forward-thinking and profitable to ensure a strategic turnaround plan that can support the economic growth plan of Equatorial Guinea and the integration of its local content commitment.
The Director General/CEO of GEPETROL, Mr. Antonio Oburu Ondo stated that "we are confident that this Joint Venture with the DE RAJ GROUP will excite GEPETROL's aspirations to actuate a culture of excellence and innovation and to propel the national oil company to greater heights of exceptional and best-in-class Oilfield Services delivery to the oil and gas industry in Equatorial Guinea and beyond."
Further, Mr. Oburu Ondo said: "Equatorial Guinea offers world-class exploration plays with significant potential, offsetting several multi-million-barrel oilfield complexes along prolific geologic trends, and this Joint Venture will reposition GEPETROL to vastly diversify our economic growth strategy beyond oil and restructure our revenue streams away from the traditional and open up new and innovative ways of stimulating growth both within and outside of oil and gas and to continue to play a central and crucial role in enabling Equatorial Guinea's prosperity with connectivity to skills, and access to regional and global markets."
DE RAJ GROUP offers oil and gas services and renewable energy solutions to companies in Asia, Africa and Europe. The company offers national oil companies, oilfield operators and other technology Companies various solutions for monetizing oil and gas fields. DE RAJ GROUP clients are International E&P Companies, LNG Companies and National/State-Owned Oil and Gas companies worldwide.
The Group CEO, Mr. Vaidyanathan Nateshan, stated that "We are excited to work with GEPETROL and this alliance is consistent with De Raj Group's philosophy to invest and operate in strategic Emerging Markets. We are happy to partner GEPETROL, and to offer a solid support to the Equatorial Guinea vision for growth and development."
About DE RAJ
De Raj Group provides oil and gas services and renewable energy solutions to companies in Asia and Europe. The company provides various solutions for the monetization of oil and gas fields to national oil companies, oil field owners, and other technology companies. For more information please visit the corporate website: https://www.thederajgroup.com
De Raj Group (ISIN: DE000A2GSWR1) had initial listing at the EU-regulated Vienna Stock Exchange (IPO held in February 2018). De Raj Group shares are traded on the Open Market in Frankfurt / Main and XETRA since 23 March 2018.
For further information please contact
De Raj Group AG, Investor Relations, mailto: firstname.lastname@example.org
14.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||De Raj Group AG|
|Phone:||+49 221 95 93 70 26|
|Fax:||+49 221 95 93 70 27|
|Indices:||WBI Wiener Börse Index|
|Listed:||Regulated Unofficial Market in Frankfurt; Vienna Stock Exchange (Official Market)|
|EQS News ID:||976381|
|End of News||DGAP News Service|