Archive for December, 2010

Royal Jet of UAE entered into agreement with BVI-incorporated Aviation Services Management

Wednesday, December 29th, 2010

Abu Dhabi-based international luxury flight services company Royal Jet has entered into a partnership with Aviation Services Management (ASM), the company incorporated in the British Virgin Islands and headquartered in the UK. The purpose of the agreement signed between the companies is to target the Indian market.

Aviation Services Management was incorporated in 1998 under the BVI law. The company provides specialized business and commercial aviation services. It has strong foundation in the UAE and network of offices in India.

Royal Jet, established eight years ago, has well-established presence in the UAE and Kuwait.

The agreement was signed by Royal Jet Chief Operating Officer Ahmed Al Mamari and Aviation Services Management Founder & Managing Director Vito Gomes

China Gengsheng receives $5.4 million worth fracture proppant order

Wednesday, December 22nd, 2010

China GengSheng Minerals, Inc., China-based manufacturer of high-tech industrial materials conducting its business through the British Virgin Islands-incorporated subsidiary Gengsheng International Corporation, announced that it has received fracture proppant supply orders from Florida-based technology company AMSAT Intenational, totaling US$5.4 million.

This is a custom order for 69 MPa-sized proppant materials, which AMSAT will distribute to its North American customers in the oil and gas industry. China Gengsheng Minerals will begin shipping product in January 2011, and plans to supply approximately 2,000 metric tons of proppant materials per month through June 2011.

In 2010, China Gengsheng has shipped more than 36,000 metric tons of fracture proppants, including 17,000 metric tons to international customers. In order to meet the growing customer demand, Gengsheng signed an operating lease for fracture proppant manufacturing facility in October 2010, and expects full-year 2011 fracture proppant manufacturing capacity of approximately 100,000 metric tons.

BVI company signed two contracts with Sinopec Corp

Wednesday, December 15th, 2010

British Virgin Islands-incorporated Pansoft Company Limited has signed two new contracts with Sinopec Corp. (China Petrochemical Corp.), one of China’s leading petroleum companies headquartered in Beijing. Total value of these contracts is approximately US$3.8 million.

The contracts, along with the previously signed contract with Sinopec, have the purpose of developing a centralized accounting management system announced in July 2010. The total value of the three contracts in US$6.8 million. The original centralized accounting system has been designed to combine and integrate Sinopec’s current multi-layer accounting subsystem and thousands of accounting centers into one system, which will bring accounting procedures to one unified standard.

Under the first of the two newly signed contracts, valued at approximately US$1.63 million, the BVI company will expand this accounting system to include Synopec’s parent company, Sinopec Group Corporation, and develop a platform to facilitate transactions between the subsidiaries and Sinopec Group and Sinopec Corp. The second contract, the value of which is approximately US$1.63 million, aims to extend the centralized accounting system to Sinopec’s subsidiaries.

Orca Exploration to lease interest in EU oil company’s project

Wednesday, December 8th, 2010

The company Northern Petroleum Plc signed an agreement with the British Virgin Islands-incorporated Orca Exploration Group Inc. to farm out an interest in the Longastrino Permit, in Italy. Under the terms of the agreement, the company will pay 100% of the costs of the first well, the amount of which will be up to 4.3 million Euros, and 70% after that to complete the drilling phase.

If the well is tested and completed, Orca will earn an additional 5% by paying 100% of the testing costs up to the amount of 1.3mln Euros, and then 75% more. The BVI company will also pay back costs of Euro 0.6mln. Northern Petroleum’s equity will reduce to 30% during drilling and then by a further 5% if the well is flow tested, in this case Northern Petroleum will retain 25%.

The principal target within the Longastrino Permit is the La Tosca prospect. The first well is expected to be drilled in 2011.

By words of Orca Exploration Chairman and CEO David Lyons, the BVI corporation sees partnering with Northern Petroleum in drilling the La Tosca well as a low risk exploration opportunity.

The transfer of licence interests and operatorship to Orca Exploration Group will be subject to approval by the government and regulatory ministries of Italy.