October 19th, 2015

TWO ITALIAN SMEs JOIN FORCES IN MYANMAR TO COMPLETE A MAXI ORDER FOR THE OIL & GAS INDUSTRY

Source: Il Sole 24ORE

Some new, interesting business opportunities are being offered to two Italian companies in Myanmar. By the end of this month, Itp Benelli (a business employing over 80 people specializing in manufacturing equipment and components for the oil &gas industry, with a turnover of about 40 million Euros) and Meta Carpenteria Group srl (a company located in the district of Bergamo, operating in the metal-mechanical industry, with a turnover of 1,5 million Euros and a staff of about 30 people) shall give life to a new joint venture with Silver Wave Energy Ltd, a multinational oil company headquartered in Myanmar, boasting a turnover of 250 million dollars. The purpose of the agreement is the creation, delivery and installation of two modular refineries, each of them covering an area of over three hectares in the South-East of Asia.

«These two projects are worth over 750 million dollars» explained Gaetano Antonio Maganuco, chairman of the newly established Meta & Benelli Consortium, which will account for 49% of the future joint venture. «The two plants – said Maganuco – will be delivered by the end of 2017. At first, each refinery will have a capacity of about 10 thousand barrels/day. But we are confident that, starting from 2020, their potential will have doubled». A project of growth and development, then, but with a special attention to safety and the environment. «In addition to meeting the highest European standards in terms of safety – claimed Maganuco – such plants will have minimum impact of the environment, also thanks to the catalytic converters they will be equipped with».

Tomorrow, Maganuco is actually Flying to Singapore to incorporate the new business, which will have a share capital of 5 million dollars. On the basis of the current agreements, Silver Wave Energy (Headquarters in Yangon and several subsidiaries in Thailand, Japan, India and South Africa, where they have recently signed the permits for 30 new mining concessions) will control the 51% of the joint venture, chaired by MrMinn Minn Oung, Swe patron. «We are going to provide all orders to the Italian/Burmese joint venture» explained Gianluigi Nava and Mehra Texx, Swe Ltd. advisors. «The reason why we have decided to co-operate with Itp Benelli and Meta Carpenteria –they added – is that we trust their skills and expertise in this field will match Silver Wave Energy industrial requirements».

The two Italian partners commented on the event ex pressing their contentment and pride. Manfredi Mazziotti di Celso, Ceo of Itp Benelli, defined the operation as «definitely interesting», and Luigi Martorana, owner of Meta Carpenteria Group, underlined two different aspects: «I am satisfied with the chance given to my company to enter a new foreign market and the possible developments in terms of employment opportunities, direct and indirect, which may be brought about by these two, big orders».