Gulf Agency Company sets up firm in Algeria to tap Africa's oil sector |
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A company has been set up in Algeria by Dubai's Gulf Agency Company (GAC)Gulf Agency Company (GAC)
to tap into opportunities created by Africa's booming oil and gas sector.GAC Algeria provides a range of ship agency services to all kinds of vessels calling at Annaba, Skikda, Jijel, Bejaia, Algier, Mostaganem, Arzew/Betioua and Oran.
Erland Ebbersten, Regional Director for Europe, Mediterranean, Black Sea, Caspian Sea and Africa, said GACGAC
's expansion into the country was part of its focus on the global energy market."As a company heavily involved in oil and gas we cannot miss establishing a strong presence in Algeria where 1.5 million barrels of oil is produced on an average day," said Ebbersten.
"Algeria is the fourth largest exporter of gas."
The prospects in the country are further bolstered by its huge reserves and investment in infrastructure such as motorways and power plants.
With continuing investment being made in oil and gas development, the sector has potential to increase production capacity over the next few years.
General Manager Xavier Perrin believes the special advantage that GACGAC
brings to its customers in Algeria lies in the group's global network, infrastructure and resources.While the focus of the business is on oil and gas exports, GACGAC
will also be handling a vast range of activities such as the import of pipes in bulk vessel, car carrier import, bulk import and export, export of fertiliser and cement as well as liner business. Gulf Agency Company is a world leader in shipping, logistics and marine services with clients across the globe, though the Middle East remains its core market.
The group started as a shipping agency operating in the Middle East but later adopted a global approach and diversified. GAC Shipping represents more than 3,500 principals and handles more than 40,000 vessels annually.
The company recently ruled out launching an initial public offering to fund its expansion and acquisition programmes. It intends to maintain its current funding model which involves self-financing complemented by loans from regional and international banks.
By Staff Writer
© Emirates Business 24/7 2008
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