Emirates National Oil Company (ENOC) has forged a joint venture aircraft refueling company with Saudi Arabia's Arabian Aircraft Services Company (ARABASCO).
The new joint venture, United Gulf Aircraft Fuelling Company (UGAFCO), is 51 percent owned by ARABASCO and 49 percent by ENOC. The company, which has a paid up capital of three million dollars, will offer refueling services at the King AbdulAziz International Airport in Jeddah, Saudi Arabia, the second busiest airport in the Gulf.
Under the agreement, ENOC will market UGAFCO and provide the company with technical know-how. UGAFCO will be headquartered in Jeddah and run by a Board of Directors comprising both ENOC and ARABASCO representatives.
The project is ENOC's first move into aviation services and supply outside the United Arab Emirates (UAE), where, through its aviation subsidiaries and associates, it stores and supplies fuel at international airports in Dubai, Sharjah and Fujairah. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
