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Fri, 24 October 2014 23:39:58
Sri Lanka Hayleys enters oil and gas service industry
27 Oct, 2008 15:04:52
Oct 27, 2008 (LBO) – Sri Lanka's Hayleys group has tied up with UK based Edgo Merap to enter the oil and gas industry support services industry, the company said, with Sri Lanka having issued its first exploration license earlier in the year.
Hayleys Advantis, a division of Hayleys, said it had inked a joint venture deal with Edgo Merap, a unit of Jordan-based Edgo, on Monday.

Hayleys Advantis will own 51 percent of Hayleys Energy Services and Edgo Merap 49 percent.

"With the sector-specific international expertise, experience and contacts of Edgo Merap, this joint venture will be up and running as a formidable total-service provider when exploration, and hopefully extraction, begins," Hayleys group deputy chairman Mohan Pandithage, said in a statement.

The new joint venture hopes to provide petroleum related services to Sri Lanka and also overseas locations.

Sri Lanka's first exploration license was given to an Indian unit of Cairn Energy this year.

Edgo Merap chairperson Koosum Kalyan said her company would provide oil industry experts to the joint venture.

Hayleys said Edgo which was formed in 1956 as an engineering company, now had operations in the Middle East, Africa, Europe and North America.

It provides drilling services, hydro-geological studies and land development. The group also has interests in water, power, construction and telecoms, Hayleys said.

Hayleys Advantis is a logistics firm which operates in North America, Western Europe, Far East, South Asia and Pacific Islands.

Revised and corrected

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