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Monday, January 26, 2009

Kuwaiti Noor Invest. Co. sets up joint company with Russian Gazprom

KWUAIT, Jan 24 (KUNA) -- Kuwaiti Noor Financial Investment Company Noor Financial Investment Company said on Saturday that it has completed procedures for the establishment of a joint venture with Russia "Gazprom Giovezeka" of the Russian gas company Gazprom. The establishment of the new company comes as part of implementing an earlier agreement between the two sides which would set up two companies one in Russia and one in Kuwait under one joint company, Noor InvestNoor Invest Vice President and Member of Board of Directors Nasser Al-Murri told KUNA. Al-Murri said the joint venture in Russia will work under Gazprom company, one of the most specialized companies in oil and gas in the world and will control a share of 51 percent of its shares, while NoorNoor will control 49 percent of the shares. The joint venture, which will establish a similar company in Kuwait, will have 51 percent of its shares, while Gazprom holds 29 percent of the shares and the remaining 20 percent share will be for a Cyprus Silantro Holding Ltd company. The work of the two companies will focus on providing services in the area of exploration and pre-production, maintenance and repair and renovation activities of the oil and gas sector, Al-Murri said. The joint venture will also work to provide unique experiences, technology and economic know-how in Kuwait and other Gulf Arab states to support the exploration of oil and gas as well as increasing production capacity in these areas, Al-Murri added. The Kuwaiti official expressed pleasure for the joint venture in having an investment opportunity to work in Russia, as well as attracting Russian companies to work within the region.

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