CALGARY, Alberta and DUBAI, United Arab Emirates (May 11, 2017)— Calgary-based Inclusive Energy Ltd. and Dubai’s Al Shirawi Equipment Company LLC (ASECO) have signed a landmark energy services agreement, and the North American oilpatch stands to reap the benefits.
Through an international joint venture partnership, Inclusive Energy will be introducing ASECO’s oilfield products—tank storage solutions, as well as treating and production equipment—under the Atlas brand to the Canadian and U.S. upstream sectors.
As a result, well drilling and completion companies across North America will see substantial savings, gain access to an even larger inventory of storage solutions, benefit from one-of-a-kind in-house financing options, and capitalize on ASECO’s equipment fabrication expertise.
Inclusive Energy, established in 2009, is a subsidiary of the Habib Group of Companies, whose banking and financial services division operates worldwide. ASECO, meanwhile, is an affiliate of the Al Shirawi Group, an international conglomerate and one of the largest manufacturers of oil and gas equipment in the Middle East. The Al Shirawi Group has more than 7,000 employees and revenues of more than $700 million US a year.
“This partnership brings together the banking resources of Habib Group and the oil sector experience of the Al Shirawi Group,” notes Bilal Hydrie, President and CEO of Inclusive Energy.
With full design, engineering, manufacturing and quality control, as well as shipping services, ASECO’s international clients include Haliburton, Schlumberger and Baker Hughes. ASECO designs and manufactures products for upstream and downstream applications at its state-of-the-art facility in the Al Quoz industrial area in the heart of Dubai. Two additional facilities in Dubai and a satellite operation in Oman provide significant manufacturing capacity with total built up area of more than 60,000 m2, along with open work area of over 100,000 m2.
“The coming together of Al Shirawi Equipment Company and Inclusive Energy will bring together our high-quality, yet economical, products with on-the-ground after-sales service,” says Sumeet Valrani, CEO of Al Shirawi Equipment Company. “It is taking place at an opportune time for the industry, which needs to rethink its approach in these challenging times.”
For Canadian and U.S. well drilling and completion companies in the oil and gas industry, says Hydrie, this announcement means:
- An even wider range of immediately available service sector equipment;
- A deeper discount on tank storage solutions and other equipment;
- A substantially shorter timeline for custom orders; and
- Access to the Habib Group’s industry-friendly financing options.
“Where we now have up to $20 million of inventory on hand in our stockyards, we’ll soon have $30 to $40 million in stock surplus,” Hydrie says. “And thanks to our affiliation with the Habib Group, we can provide up to $50 million in in-house funding—with flexible repayment terms and conditions—that gives our upstream customers unprecedented purchasing power.”
As part of this joint venture partnership, Hydrie says Inclusive Energy expects to hire more employees to:
- Manage and maintain a larger inventory;
- Provide engineering services both in North America and in the Middle East; and
- Perform in-house fabrication services for the assembling and finishing stage of the process.
“This agreement came about with perfect timing. While the Al Shirawi Group does plenty of business overseas, they didn’t have many touchpoints in Canada and the U.S.,” Hydrie says. “On the other hand, Inclusive Energy is a growing company—and what we can accomplish with Al Shirawi will now happen on a much larger scale.”
ABOUT INCLUSIVE ENERGY : Based in Calgary, Canada, Inclusive Energy is a specialized company focused on the sales and rental of oilfield equipment, as well as chemical storage and distribution. With three storage facilities across Alberta, Inclusive Energy serves clients across Canada and the United States. Inclusive Energy is a subsidiary of the Habib Group. Learn more at the company’s website.
ABOUT ASECO: Since 1976, Dubai-based Al Shirawi Equipment LLC (ASECO) has been at the forefront of the energy services industry, using advanced techniques and technological innovation in developing custom-built fabrication in the region and beyond. ASECO is a subsidiary of the Al Shirawi group, which has more than 7,000 employees and 34 diverse business units ranging from manufacturing to logistics to printing and packaging.