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GSS Energy expands into energy trading with AFCO tie-up
GSS Energy is moving into energy trading, after starting a joint venture with oil trading company AFCO Energy.
The firm on Monday inked an agreement with AFCO - a subsidiary of Dutch oil storage, trading and distribution firm FinCO - to invest in GSS-AFCO, which will market and distribute mineral oil and crude oil products in Indonesia.
"AFCO has extensive knowledge and expertise in the storage, trading, and distribution of oil and oil-related products, which will add significant value to our new business. GSS-AFCO will complement and create synergy with our existing oil production to fuel our future growth," said GSS Energy CEO Sydney Yeung.
AFCO Energy managing director Ali Nael said GSS and AFCO have complementary business models that will be able to "capture and contribute to the rapidly changing Indonesian energy markets".
GSS Energy has also recently signed another agreement with Ramba Energy to participate in the latter's exploration programme in its West Jambi block in Indonesia.
"The addition of GSS-AFCO has further expanded the group's investment in Indonesia's oil energy sector that will greatly enhance shareholder value," said Mr Yeung.
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