Caspian Energy Hub Announces Affiliation With Three World Class Technical Institutes
Parties to the Caspian Energy Hub (CEH) announced today they have reached agreement on the development of the CEH. Prior to today, memorandums of understanding were signed with three leading educational facilities to provide services as part of the CEH initiative to further enhance Kazakhstan’s utilization of its oil and gas reserves.
CEH was first announced last month in Astana by the Government of Kazakhstan, Gulf Finance House, PFC Energy International and four Kazakh partners.
The university of Texas at Austin and Delft Technical University in the Netherlands were identified as the schools that will form the foundation of a locally accredited specialized college (LASC). These two institutions with accredited programs in the field of energy will be working together as partners towards the enhancement of educational services at CEH.
At the same time, LMK Resources (LMKR), Dubai, has been selected to provide world-class technical training programs and operate two state of the art geophysical data interpretation and visualization facilities at the Technical and Services Center (TSC).
His Excellency Mr. Nursultan Nazarbayev, President of the Republic of Kazakhstan commenting on this venture said: “The Caspian Energy Hub is an important and integral part of the socio-economic development of Kazakhstan. We have the vision, the will, and the knowledge base to implement an industrial, service, research and educational center of excellence that will attract the biggest names in world energy.”
The announcement of the educational component of CEH was made during a ceremony at this year’s World Economic Forum at Sharm El Sheikh to mark the signing of an agreement between all the partners, including the Kazakhstan Sustainable Development Fund (Kazyna); Kazakhstan Holding for Management of State Assets (Samruk); Mangystau Investment Company (Mangystau); and Dunie Stock Energy.
One of the critical enablers to optimize the macro-economic and sustainable development potential of the planned CEH, is the development of human capital. Part of the vision for CEH is to make it a major educational, training and recruiting center for the Caspian region. A key element of this vision is the provision of specialized educational facilities through specialized colleges.
Located in Aktau on the shore of Kazakhstan’s Caspian Sea, the proposed Caspian Energy Hub, Kazakhstan will represent the latest in a series of energy focused business clusters that Gulf Finance House has planned across the Middle East and Asia.
GFH Chairman Esam Janahi commented, “GFH is proud to be associated with this initiative. This kind of large scale, multi-faceted project is just the kind of thing that GFH excels at. One of the main elements that will enhance the development potential arising from Kazakhstan’s energy resources is the development of human capital. Taking this into consideration, part of the vision for CEH is to create a world class technical training center for the oil and gas industry in the Caspian region. With these strategic alliances with internationally known organizations, we are confident that we have taken the first step toward this initiative.”
CEO of JSC “Kazakhstan Holding for Management of State Assets “Samruk” – Mr. Kanat Bozumbayev on behalf of Government of RK added, “Alongside our faith in this great new initiative, we also have a partner in Gulf Finance House whose economic infrastructure development initiatives are well known to several Governments across Asia, the GCC and North Africa who have sought their advice in the delivery of sustainable and accelerated economic growth.”
PFC Energy International Chairman & CEO, Mr. Vahan Zanoyan said: “The creation of the Caspian Energy Hub, Kazakhstan, which is to unleash all of the “above ground” economic and human resources in the service of the global energy sector, is truly commendable. Kazakhstan is uniquely positioned to play this role in the entire Caspian region”
The Energy City concept was conceptualized by GFH and PFC Energy International, an international energy consulting firm.
Being the latest “Energy City” project, following Qatar, India and the proposed Energy City in Libya, this venture expects to attract the biggest names in the world energy to Kazakhstan, and deliver high returns on equity for GFH investors.
About Caspian Energy Hub
Capitalizing on prodigious natural resources and strong economy, the project aims to contribute to the overall economic and human capital development of Kazakhstan by creating a services hub that caters to every commercial, technical and human resource need of the oil and gas industry in the Caspian region. In addition, the fully integrated Caspian Energy Hub also aims to become a major global technical training center for the oil & gas industry. It is expected that the hub would play a significant role in supporting the government’s plans to double oil production and triple natural gas output by 2015.
To build on these objectives, the hub will develop a full service economic and business center catering to every commercial, technical and human resource need of the oil and gas industry operating in Kazakhstan, and ultimately, in the entire Caspian region. With a view to that, the Caspian Energy Hub, Kazakhstan will have an ‘HR and skills nerve center’ that facilitates Kazakhstan’s human development, and positions it as a leader in human capital within the region.
As per the plans, the hub will comprise of the following components:
• A Specialized Technical College
• A Science and Technology Park
• A Geophysical Data Laboratory
• Advanced Technical Training Facilities
• An Information Technology Development Center
• An Environmental Research Center
• A Renewable Energy Center
About Gulf Finance House
Founded in 1999, Gulf Finance House has grown rapidly to become one of the most respected investment banks in the Middle East region in terms of the quality and innovation of its product offerings. Over an eight-year period Gulf Finance House has successfully launched economic infrastructure development projects and investments with an aggregate end value exceeding US$12 billion and received numerous awards for its innovative approach to Islamic banking and finance. Its shares are actively traded on the London Stock Exchange (GDR), the Kuwait Stock Exchange, the Bahrain Stock Exchange and the Dubai Financial Market. 2007 was the most successful year in the banks’ history, closing with a net profit of US$340 million, an increase of 61% compared to the previous year.
Reflecting its international reputation, Gulf Finance House has won numerous local and international awards, such as “Best Investment Bank” for three years in a row in 2005, 2006 and 2007, awarded by The Banker Middle East, “Bank of the Year 2006” awarded by the Arabian Business Magazine and “Best Islamic Real Estate Finance House” awarded by Euromoney.
About PFC Energy
PFC Energy has been a trusted advisor to energy companies and governments across the globe for over twenty five years. Founded in 1984, the firm has offices in Washington, Paris, Houston, Bahrain, Lausanne, Kuala Lumpur and Buenos Aires. PFC Energy provides in-depth analysis and forward-looking scenarios which provide the foundation for strategy development, investment evaluation and commercial decisions at the global and regional level.
© 2000 - 2021 Al Bawaba (www.albawaba.com)