SOCAR and LUKOIL set sights on joint Turkish asset investment
SOCAR, Azerbaijan’s 100% state-owned oil company, and Russian energy giant LUKOIL PJSC are considering a joint venture into acquiring some of Turkey’s new fuel assets.
The news comes from LUKOIL’s Vice President for sales and supplies, Vadim Vorobev, who states that the Turkish market is of significant interest to the company, with the Russian firm occupying 5-6% of the Turkish retail fuel market.
“Our company is studying opportunities to expand its share in the Turkish market. We discussed with SOCAR representatives the issue of acquiring the assets of third companies in the Turkish market. A concrete decision on this issue hasn’t been made yet,” he said.
It has been reported by Turkish journalists in Moscow that LUKOIL has set aside $1bn in the event of a deal coming to fruition.
Despite operating in the gas, oil and petrochemical sectors of 40 different economies, Turkey remains one of SOCAR’s key hubs.
SOCAR is expecting to see a consolidated turnover in excess of $15bn in 2018, with the aim of becoming Turkey’s biggest industrial company by 2023, surpassing Koç Holding.
Global Offshore rebrands Enelift and invests in global hubs
Global Offshore has rebranded Enelift and will invest "a seven-figure sum" in establishing new support hubs in Houston, Dubai, Singapore, Perth and the Caspian during the next six months.
The investment will cover oil, gas and renewables, mainly concentrating on manufacturing capability with associated R&D, as well as in stock held in the hubs.
The company’s flagship Hinge Lok technology provides aluminium, non-welded light weight transportation cradle for casing and tubing. Enelift now plans to enhance its offering by augmenting its existing solutions with robotics and remote operational and training technology, which will reduce manpower for handling offshore equipment that is transported and stored using the Hinge Lok system.
Enelift is partnering with "a Japanese robotics company" and the technology will be trialed with "a Norwegian operator on a Norwegian drilling rig", according to a statement.
Operating from its bases in Aberdeen, UK and Esbjerg, Enelift was founded by 35-year industry veteran and Managing Director Paul Brebner 10 years ago to offer the offshore energy industries safe, reliable and efficient storage and transportation of equipment.
The expansion plans are bolstered by the appointment of Jim Clark of the Craigendarroch Group to Chairman, and Adam Maitland to Non-Executive Director. Maitland is the Managing Director of Hutcheon Mearns IF, and brings his wealth of expertise in the field of corporate finance.
Brebner said Enelift may be a new name in the market, but the experience it brings is "industry renowned".
"Our solutions are underpinned by safety that enables inefficiencies and their associated costs to be eradicated – meaning operational personnel can focus doing what they do best, safely. We remain committed to providing the safest storage and transportation solutions for equipment in the sector as we grow our global operations," he said.
Clark said the market is changing and its solutions fully support customers’ economic and safety aspirations.
"We are very well placed to take full advantage of increasing opportunities in the Middle East, Africa, Far East and Americas. Safety is our absolute commitment to our customers and our support hubs will facilitate this. Aligning our identity to our entire offering ensures that we will drive our expansion through new products and global support sites across the rest of this year."