Business | Oil & Gas
Gulf Finance House to develop $10b Caspian Energy Hub
Gulf Finance House (GFH) in collaboration with the Government of Kazakhstan and PFC Energy International yesterday unveiled the Caspian Energy Hub (CEH), Kazakhstan.
- Staff Report
- Published: 01:00 April 11, 2008
Dubai: Gulf Finance House (GFH) in collaboration with the Government of Kazakhstan and PFC Energy International yesterday unveiled the Caspian Energy Hub (CEH), Kazakhstan.
With an estimated total investment value of $10 billion, the project marks the entry of GFH and its clients into Kazakhstan. It also represents one of the largest foreign investments in the country.
The concept was presented to Kazakhstan President Nursultan Nazar-bayev by Gulf Finance House chairman Esam Janahi and PFC Energy International president and CEO Vahan Zanoyan.
"The Caspian Energy Hub is an important and integral part of the socio-economic development of Kazakhstan.
"We have the vision, the will, and the knowledge base to implement an industrial, service, research and educational centre of excellence that will attract the biggest names in world energy," said Nazarbayev.
Following the presentation, a signing ceremony was held in Astana during which a memorandum of understanding (MoU) was signed.
In addition to Gulf Fin-ance House and PFC Energy International, the signatories to the agreement included Gani Uzbekov, deputy chairman of the Board of Sustainable Development Fund, "Kazyna", Ulf Wokurka, deputy chairman of the Management Board of Kazakhstan Holding for Management of State Assets, "Samruk", and representatives of local investment companies.
To be located in Aktau, the Caspian Energy Hub will represent the latest in a series of energy-focused business clusters that Gulf Finance House has planned across the Middle East and Asia.
Capitalising on the natural resources and strong economy, the project aims to contribute to the overall economic and human capital development of Kazakhstan by creating a services hub that caters to every commercial, technical and human resource need of the oil and gas industry in the Caspian region. The hub also aims to become a major global technical training centre for the oil & gas industry.
The hub will develop a full service economic and business centre catering to every commercial, technical and human resource need of the oil and gas industry operating in Kazakhstan.
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