Contractors Unlimited

Cape Joint Venture with State Oil Company of Azerbaijan

Cape Cape plc, the international provider of essential, non-mechanical industrial services principally to the energy and mineral resources sectors, is pleased to announce the establishment of a Joint Venture with the State Oil Company of Azerbaijan (SOCAR). The SOCAR-Cape JV, owned 51% by SOCAR and 49% by Cape, will pursue opportunities associated with the future development of the oil and gas sector in Azerbaijan.

The agreement was signed in Baku on 30 June 2010 by SOCAR President Rovnag Abdullayev and Cape's regional director for CIS, Mediterranean and North Africa, Guy Rackham.

Cape has been established in the central Asian Republic of Azerbaijan for over ten years, both directly and through its acquisition of PCH in 2007. The SOCAR-Cape JV will have the resources to meet the expected increased demand for Cape's specialist non-mechanical services including access and insulation. The Company believes there will be significant opportunities in the coming years arising from new projects, maintenance and shutdown activities relating to the continued development of the Azeri-Chirag-Guneshli oil project and Shah Deniz gas condensate development project.

The establishment of this joint venture is in line with SOCAR'S strategy of partnering with key contractors.

Martin May, Chief Executive of Cape plc, commented:

"e;We are delighted that SOCAR has chosen to enter into this joint venture with Cape. Azerbaijan is a key country for the growth of Cape's CIS business owing to its large oil and gas deposits and the significant investment in the region. A partnership with the State oil company provides Cape with high level access to major projects that will require our services. This is an exciting opportunity."e;

Cape plc, which is listed on AIM (CIU), provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies. Cape employs c.17,000 people in 28 countries with its four main markets being the UK, Gulf/Middle East, CIS, Mediterranean and North Africa, and the Far East/ Pacific Rim. In the year ended 31 December 2009, Cape reported turnover of £655.1 million.

Published

Share |

Find out more about:

Cape »
State Oil Company of Azerbaijan (SOCAR) »

Search for more News













Advertising || About Us || Contact Us || Search || Legal || Tell a Friend
© Copyright 2010 - All rights reserved