The United Arab Emirates' Offsets Group aims to acquire some 10,000 petrol stations in Europe, the United States and Asia as part of a 12-billion-dollar plan to move into western oil and gas markets, a specialist newsletter reported Monday.
"The UAE Offsets Group, through a UK-based venture called Summit Corporate Services Limited and in strategic partnership with an energy company or companies, is planning to acquire some 10,000 gasoline stations, initially in Europe and later in the United States and Asia," the Middle East Economic Survey (MEES) said.
"The launch of Summit, which is expected to develop over a period of many years at an estimated cost of more than 12 billion dollars, marks the first stage of a campaign in which the UAE plans to develop an integrated oil and gas presence in western markets," MEES said.
"The possibility of Summit acquiring an interest in oil refining in Europe is also under discussion," the Cyprus-based newsletter said.—AFP
©--Agence France Press.
© 2000 Mena Report (www.menareport.com)
