Hill International and Egyptian Ministry of Petroleum Enter Agreement to Create New Joint Venture Company
11 12월 2007 - 3:27AM
Business Wire
Hill International (Nasdaq:HINT), the worldwide construction
consulting firm, announced today that it has entered into an
agreement with the Egyptian Natural Gas Holding Co. (EGAS) and the
Egyptian Natural Gas Co. (GASCO), two subsidiaries of the Egyptian
Ministry of Petroleum, pursuant to which they will form a new joint
venture company that will provide project management services
primarily on oil and gas projects throughout the Middle East and
Africa. The new company, Hill International Petrol (Egypt) Ltd.,
will be owned 50% by Hill and 50% by the Ministry of Petroleum�s
subsidiaries. �This new joint venture will allow Egypt to bring
Hill�s project management resources and capabilities to projects
throughout Egypt and the surrounding region, as well as to help
develop a pipeline of work for Hill into the expanding oil and gas
sector,� said Irvin E. Richter, Hill�s Chairman and Chief Executive
Officer. �We believe that EGAS and GASCO are the ideal partners to
help us make this new company successful as they will provide many
of the technical resources necessary to help manage these
projects,� Richter added. EGAS was established to organize and
diligently handle the activities of the natural gas resources of
Egypt in order to add value to the Egyptian economy. EGAS�s mission
is to create a gas reserves base, establish natural gas
infrastructure, and expand local energy markets utilizing natural
gas. For more information on EGAS, please visit their website at
www.egas.com.eg. GASCO is the operator of the natural gas
transmission grid in Egypt, a 4,700-kilometer network of gas
pipelines that connects producers and consumers of natural gas
throughout Egypt. GASCO�s mission is to use state-of-the-art
technologies in the construction, operation, management and
maintenance of the gas grid as well as in gas processing and the
extraction of gas valuable components. For more information on
GASCO, please visit their website at www.gasco.com.eg. Hill
International, with 1,500 employees in 70 offices worldwide,
provides program management, project management, construction
management, and construction claims services. Engineering
News-Record magazine recently ranked Hill as the 10th largest
construction management firm in the United States. For more
information on Hill, please visit our website at www.hillintl.com.
This press release may include certain statements that fall within
the definition of �forward-looking statements� under the Private
Securities Litigation Reform Act of 1995. Any such statements are
subject to risks and uncertainties, overall economic and market
conditions, competitors� and clients� actions, and other
conditions, which could cause actual results to differ materially
from those anticipated, including those risks identified in Hill�s
filings with the Securities and Exchange Commission. Accordingly,
such statements should be considered in light of these risks. Any
prediction by Hill is only a statement of management�s belief at
the time the prediction is made. There can be no assurance that any
prediction once made will continue thereafter to reflect
management�s belief, and Hill does not undertake to update publicly
its predictions, whether as a result of new information, future
events or otherwise. (HINT-G)
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