Kuwait-based oilfield service provider lists on DFM
By David Manuel
Posted: 10 September 2007
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Oilfield service provider Gulf Petroleum Company (GPI) was listed on the Dubai Financial Market (DFM) this week.
“We are entering a period of active business expansion,” Jamal Al-Nafisi, Managing Director of GPI, said, adding that the group will be providing new services including oil well engineering and field implementation, reservoir management, monitoring and optimisation, and crude oil and petroleum trading.
GPI, a Kuwait-based oil and gas engineering company said it is aiming for regional Middle East and North African expansion following its inclusion in the Dubai market.
International Investment Group (IIG), a Sharia’a-compliant investment company, which was listed with GPI in the DFM, owns 33% of GPI and is responsible for 32.3% of a leasing and finance company, on the Kuwait Stock Market. It is one of the first Kuwaiti companies to enlist three companies in DFM.
Sami Al-Bader, Chairman and Managing Director, IIG, said their presence in DFM will set a new exposure for their shareholding value. “We are in the process of creating alliances by cross-listing in Dubai .”
Specialising in operations such as offshore drilling and petroleum consultancy, the division is supported by group’s subsidiary Pyramid Drilling International (PDI) and Superior Oilfield Services in Abu Dhabi with drilling contracts totaling $138 million.
The group provides petroleum related tenders with major service contracts with Aramco in Saudi Arabia and Edco in UAE and Syria worth about $20 million. The group is also setting up operations in Libya which should be completed by next year.
Al-Bader said IIGs oil segment is expanding market for exploration and production as well. GPI also owns 16.5% shares in the Seram Indonesia oil field, together with two global partners, the Chinese CITIC and the Kuwait Foreign Petroleum Exploration Co (Kufpec).
IIG’s telecom segment is reaching out to partner with Turkey and provide services in Europe . The company also supports the finance sector, with several projects and investments including Bahrain’s AJAL financing, and further Saudi Arabian leasing company which specialises in machinery, real estate and automotive.
Only a small number of Kuwaiti companies are currently listed on DFM, and GPI is confident that its inclusion will help set a precedent, paving the way for other Kuwaiti companies to list on the market. |
