GSS Energy adds oil trading to its business portfolio
Tuesday, June 2 2015 - 03:12 AM WIB
SGX-listed GSS Energy Limited said that it has entered into a shareholders agreement dated June 1, 2015 with AFCO Energy Pte Ltd to jointly invest in GSS-AFCO Pte Ltd.
GSS-AFCO was incorporated in Singapore on May 27, 2015 by the company through its nominee, Charles Madhavan, who is also an executive director of the company.
?GSS Energy and AFCO shall jointly invest in GSS-AFCO to engage in the marketing and distribution of mineral oil and crude oil products and related businesses in Indonesia,? GSS Energy said in a statement Tuesday.
AFCO is a Singapore-incorporated company with a global presence and is engaged in the trading of physical energy products, including fuel oil, gasoil, gasoline, jet fuel, liquid petroleum gas and its related components, with more than 1.4 million metric tons of oil products traded in financial year 2014.
AFCO is the international trading subsidiary of FinCo Fuel Holding BV, a Netherlandsincorporated company specialising in the storage, trading and distribution of oil and oilrelated products in Europe and Asia.
?AFCO has extensive knowledge and expertise in the storage, trading, and distribution of oil and oil-related products, which will add significant value to our new business. GSS-AFCO will complement and create synergy with our existing oil production to fuel our future growth,? said CEO of GSS Energy Sydney Yeung.
GSS Energy is in the process of building a diversified business model that will provide multiple revenue streams. The group has recently entered into an agreement with Ramba Energy, a Singapore listed company, to participate in the exploration programme in Ramba?s West Jambi block in Indonesia. The addition of GSS-AFCO has further expanded the group?s investment in Indonesia?s oil energy sector that will greatly enhance shareholder value.?
Editing by Reiner Simanjuntak