(EnergyAsia, September 30) — Malaysian engineering company Dialog Group Berhad said its wholly-owned subsidiary, Dialog Labuan Ltd, (DLL) has entered into a shareholders’ agreement with a US-based geologist, Shen Yiping, to set up a joint venture company under the laws of Hong Kong to tackle China’s oil, gas and petrochemical markets.

 

The JV company will have an initial issued and paid-up share capital of US$1 million, with DLL holding a 57% stake and Ms Shen the rest. DLL said its investment will be funded by internally generated funds.

 

Dialog said Ms Shen is a geologist with 10 years of experience in the oil and gas industry. She is also the President of GNT International, Inc, a company incorporated in the US with offices in Houston, Texas and Beijing, China. GNT is involved in the marketing and sales of geo-science software applications and the provision of technical support and services to Chinese oil and gas companies.

Dialog said: “The investment is in line with Dialog’s strategy of investing in technology to enhance its capability and exploit niche opportunities in the oil, gas and petrochemical industry, both in Malaysia and overseas, as an integrated specialist technical services provider. This investment is also complementary to Dialog’s other investments in subsurface technology, radioisotope diagnostic services and other technology-based services. The JV is expected to have a positive effect on the future earnings of Dialog.”