Turkish Global Union kicks-off operations in India

New Delhi, Sep 19 (UNI) In order to tap the 200 billion dollar global refinery market, Turkey-based investment advisory firm Global Union Energy Ventures (GUEV) today started operations in India to provide financial services for energy infrastructure projects.

With over 70 new projects announced in the refinery sector, India's share stands at 13 per cent, next only to China at 14 per cent.

''Our practice in India will engage in financing and providing private placement and financial advisory services for energy infrastructure projects and transactions, including undertaking refinery expansions and new green field projects,'' GUEV Chairman Jeffrey Waterous told reporters here.

India with lower capital costs, smart expertise and technology, has great potential in building refineries, Mr Waterous said adding that GUEV, at present, was also giving financial advice to the 1.1 billion dollar-Nagarjuna refinery project.

Mr Waterous said the firm targets National Oil Companies (NOCs) and Parastatals, as they hold more than 90 per cent of expansion capacity of refining sector. He added that for such projects over 200 billion dollars would be needed over the next 5-10 years.

GUEV President Amir Merchant said the funds will be raised mostly from Islamic Finance in the GCC, partly from London and Tokyo.

''The negotiations with the top oil companies are in the final stage and will be completed within a couple of months,'' Mr Merchant said.

He said the GCC Banks, inspite of having huge capital and liquidity, lacks investments. So, GCC Banks are ready to invest outside the region in the potential quality projects to make more returns.

Mr Merchant informed that the firm has a capacity to finance upto five billion dollars to a single company, depending upon the kinds of business it deals.

He, however, said GUEV will focus on supporting refineries, petrochemical complexes and gas facilities for the growing energy requirements of the country.

Presently, Global Union is a financial advisor to the Nagarjuna refinery project with a total investment of 1.1 billion dollars.

Recently, Global Union has got the approval to be regulated by the Central Bank of Bahrain.

With the commencement of GUEV's practice in India, the firm now has three practices including Turkey and Kazakhstan.

UNI SBA PV KN1930