TODAY.AZ / Business

UAE's TOPAZ explores investment opportunities in Azerbaijan

29 April 2006 [19:37] - TODAY.AZ
Topaz Energy and Marine Ltd Chairman Samir Fancy led a high-level delegation consisting of Board Directors and Senior Management to Azerbaijan in the Caspian region to hold discussions with State Oil Company Azerbaijan Republic (SOCAR) President, Rovnag Abdullayev in Baku recently.

The aim of the meeting was to explore areas of mutual interest and opportunities for investment in the Caspian region.

To support the growing offshore oil & gas market Topaz plans significant investments in the building of new offshore support vessels in the Caspian region in the next few years, providing support services to the offshore upstream energy sector.

In total Topaz will spend US$ 100 million over the next two years expanding its fleet. Currently it operates 70 vessels including offshore supply ships, work barges and ice-breakers. It plans to add a further 25 vessels to bolster the existing fleet and to replace ships earmarked for retirement.

"Our established presence in the Caspian Sea basin offers Topaz Energy tremendous scope for growth," said Fancy. "We have excellent relationships with all our stakeholders and a strong reputation and record for safety, quality and delivery."

To underscore their commitment to the region, the Topaz Chairman also took in a tour of the BUE Marine operations. The recently acquired subsidiary of Topaz Energy and Marine Ltd. is the leading marine operator in the Caspian. The site visit provided an opportunity for the company's representatives to meet with key stakeholders and explore additional avenues for growth and lateral investment opportunities.

Topaz recently announced the opening of a new ship repair facility in Bautino, Kazakhstan due later this year, after completing a feasibility study and conducting an in-depth market assessment of the Caspian region.

Since acquiring BUE Marine, Topaz has expanded significantly in the Caspian region. After selling Menon Stainless Steel to Sumitomo for US$ 10 million and securing term loan facilities with Standard Chartered Bank and ABN Amro worth almost US$ 50 million, Topaz has accelerated its major vessel construction programme to further develop its market presence.

Topaz Energy and Marine is one of Dubai's leading Marine engineering and oil & gas companies.

URL: http://www.today.az/news/business/25638.html

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