Duprey
spreads his wings :CL
methanol plant for Saudi Arabia
The Trinidad Guardian
Petroleumworldtt.com 03 30 08
Discussions are under way for local conglomerate
CL Financial to build a methanol plant in Saudi
Arabia and establish a presence in East Africa
following recent visits to both territories by
group executive chairman Lawrence Duprey.
Duprey, who was accompanied by
CL Financial executive Carlos John, stated that
the decision was taken
to establish a presence in the United Arab Emirates
and the Gulf State countries to spread the group’s
customer base in those rapidly developing parts
of the world.
The proposed Saudi plant will follow the successful
start-up of a methanol plant in Oman in which the
regional conglomerate branch of CL Financial has
a substantial shareholding.
Discussions are also under way to build a second
plant in Oman.
Duprey stated that subsidiaries are accordingly
being established in the financial services and
energy sectors with real estate and resort development
to follow.
This follows the group’s
expansion in India, Taiwan and Hong Kong as well
as Oman in both the
energy and manufacturing sectors.
The new CL Financial subsidiaries in the Middle
East would be known as CL Holdings-Mena (Middle
East and North AFrica) and CL Global Brokerage
(Abu Dhabi).
An insurance brokerage firm planned for Abu Dhabi
will be the first to begin operations.
Noting the enormous potential of these markets,
Duprey said the group believes these strategic
moves are necessary at this time for the development
of the company beyond its current borders.
The new areas of expansion—backed by the
group’s directors—will ensure CL Financial
will continue its growth, he said.
Regarding CL Financial’s East African presence,
the group initiated CL Financial (Tanzania) Limited
last week during Duprey’s visit with high
level Government and private sector officials of
that country.
A Memorandum of Understanding is currently being
formulated for signing in May.
Duprey met with the Tanzanian ministers
of Finance and Energy and the Governor of that
country’s
Central Bank, as well as industrial executives
and directors of that country’s investment
and export entities.
At a dinner in Duprey’s honour,
officials confirmed keen interest in having CL
Financial
commence early operations.
Story
by Gail Alexande from The Trinidad Guardian
The
Trinidad
Guardian
Saturday
15th March, 2008
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