Abu Dhabi: Abu Dhabi-based Al Qudra Holding PJSC and Lootah BC Gas yesterday announced a new joint venture gas services company.
Called Q Energy, the company would deal in gas distribution, transmission and operational services in Abu Dhabi.
Salah Salem Bin Omair Al Shamsi, Chairman of Al Qudra Holding, and Yahya Bin Saeed Al Lootah, Vice Chairman of the S.S. Lootah Group, signed a Memorandum of Understanding.
"Q Energy is a step towards the realisation of our vision and aims for the energy sector in the UAE, as it is set to enhance this sector with full-fledged gas services, ranging from EPC, consultancy, feasibility studies, training, operations and maintenance, to natural gas vehicles and other LPG transmission and distribution solutions," said Al Shamsi in a statement.
"Our firm commitment to the values that fashioned our business at S.S. Lootah Group for 50 years has empowered the pioneering projects of Lootah BC Gas in the UAE and the region.
Today, new and unique business opportunities are unfolding and thanks to our invaluable business partner, Al Qudra Holding, we are joining hands and resources to power our national growth and build a sustainable future in Abu Dhabi," said Al Lootah.
Empowered by years of achievements, a worldwide reputation and over 100 years experience in natural gas distribution, engineering, construction and operations, Lootah BC Gas is the ideal partner for this venture, added Al Shamsi.
"Q Energy will combine the international and local expertise of Lootah BC Gas in the field with Al Qudra Holding's capital and business expertise to support the economic growth with professional sustainable service."
Lootah added: "In a region that is home to 65 per cent of the world's crude oil and 40 per cent of its natural gas reserves, it is of crucial importance to realise our role as the energy centre of the world. The UAE possesses the necessary drivers to be a leading-edge demonstrator of the future of the energy industry."
The new company will deal in gas distribution, transmission and operational services.
