SinoTharwa will borrow $ 15 million to start implementing the maintenance contract in Kuwait

Published on : 2020-05-06

After its losses exceeded 33 million dollars during the discussion of the general assembly of the company to discuss the results of the fiscal year 2020/2019, Engineer Tariq Al Mulla, Minister of Petroleum and Mineral Resources, requested the formation of a committee to determine the size of the losses and support the company in getting rid of these losses, especially after it recently seized a well maintenance contract in  The Kuwaiti Al-Wafra area after its defeat of 8 international companies, which was proposed by the joint operations company, which is a joint company between the Saudi and Kuwaiti side, at a value of $ 260 million.

 The scope of the contract included the maintenance of wells for a period of 5 years by moving 6 maintenance devices to start implementing the project next September

 After the study, the committee settled the problem to the point of supporting the company with a good loan of 15 million dollars to buy 4 drilling equipment with a capacity of 750 hp to start implementing the Kuwait contract.

  EGAS had offered to Sinopec Star China Petroleum, which owns 50% of the shares of Sino, the capital increase fortune of $ 15 million to equal with the EGAS loan, for a total amount of $ 30 million in a period not to exceed a month

 The committee considered that the second option is to increase the EGAS stake in the company, which amounts to 19%.

 In preparation for holding an extraordinary general assembly to approve one of the options presented

 It is worth noting that Sinu’s issued capital is estimated at 80 million dollars, Tharwa Petroleum owns 31% EGAS 19% and Sinopec Star China Petroleum 50%

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