Financial Daily from THE HINDU group of publications
Friday, May 21, 2004
Financial Daily from THE HINDU group of publications Friday, May 21, 2004 |
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Corporate
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New Projects Advance Valves sets up joint venture co in UAE Vimala Vasan
Abu Dhabi , May 20 THE Noida-based Advance Valves, which manufactures superior technology valves for the oil and gas industry, has set up a Dirham 1-million joint venture manufacturing facility in Abu Dhabi's industrial suburb to cater to the emerging and stringent demands of the oil and gas sector in the Gulf and West Asia. Mr Uma Shanker, Chairman and Managing Director of Advance Valves, who is here for the inauguration of the facility, the first of its kind in the UAE in the field of specialised industrial valves, told Business Line that the venture has been set up in partnership with the Technical Parts Company (TPC) of Abu Dhabi, a well-known business of the Bhatia Brothers conglomerate. Mr Shanker said that Advance Valves, which has a turnover of around $5 million at its Noida facility, exports 50 per cent of its production in the US, Gulf, European and South American markets. "The Gulf countries currently account for half of our exports and the aim of establishing a manufacturing facility is to have better market accessibility and supply products based on client requirements." Advance Valves has significant business ties with oil companies in the Gulf. It supplies valves to PDO (Oman) and the supplies include dual plate check valves for cryogenic applications. Supplies have also been effected to KNPC (Kuwait), Total ABK (UAE), GASCO and also to petrochemical companies in Saudi Arabia and Iran. They are registered with the Petroleum Development of Oman (PDO), Kuwait National Petroleum Co (KNPC), and ADNOC group companies including ZADCO, GASCO, ADCO and NPCC for their regular requirements. There is also a global MPA agreement with Bechtel. Mr Shanker said that talks are on with the ADNOC Group, the UAE's largest oil company, to expand its order base in the wake of the new facility. Production at the new facility in Mussafah industrial area has begun and the capacity will be to the tune of 10,000 valves a year, he said. "The prime focus will be the Gulf markets, though Iran, Egypt and other countries in West Asia will also be tapped, he said. The new facility will also look at the potentially large market for valves for the water and power sector, as it specialises in handling valve products required for transfer of sea water to the delivery point, he said.
More Stories on : New Projects | Alliances & Joint Ventures | Petroleum
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