Business | Oil & Gas
Honeywell enters Libyan market
Forms joint venture with Rida Technical Services
- Staff Report
- Published: 00:00 March 12, 2010
Dubai: Honeywell yesterday said it has formed a Libyan company — Honeywell Libya Technical Engineering Joint Stock Company — together with its joint venture partner Rida Technical Services.
The new company, to be known as Honeywell Libya JV, will provide process automation technology and services to local organisations and is the first automation joint venture between a global company and a Libyan company.
Honeywell Libya JV has been registered with Libya's Ministry of Economy and will be based in Tripoli.
Honeywell has made significant investment in its North African operations.
North Africa is strategically important for Honeywell with its abundance of natural resources and established oil and gas production and refining sectors.
"Honeywell Libya JV will help satisfy increasing demand within Libya for process automation that increase safety, reliability and efficiency, particularly among companies in the oil and gas and refining sectors," said Edwin van den Maagdenberg, vice president and general manager, Europe, Middle East and Africa, Honeywell Process Solutions EMEA.
"Our new joint venture with Rida Technical Services brings together the best of local and global know-how and expertise," he said.
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