Bahrain-based investment bank Capital Management House (CMH) and National Oil and Gas Authority's nogaholding company have entered a joint venture to take a controlling interest in a leading Norwegian-owned petrochemical logistics business.

CMH and nogaholding have acquired shares in Skaugen Gulf Petrochem Carriers (SGPC), which was formed by Norwegian-based I M Skaugen (IMS) and began operations in November 2009.

CMH and nogaholding will now control a 30 per cent and 35 per cent stake in the company, respectively.

SGPC, which is headquartered in Bahrain, is a petrochemical shipping company that owns and operates ethylene, liquefied natural gas and liquefied petroleum gas carriers between the Middle East and global markets.

The company operates as part of a joint pool of transportation vessels serving the leading petrochemical producers of the GCC region.

SGPC's activities in the growing regional carrier market will be supported and advanced by the strength of its shareholders.

IMS has nearly 100 years of history in the shipping industry, providing the company with strong operational and technical expertise, while nogaholding and CMH will add regional and financial experience as well as strong track records of investing in and developing market leading businesses in the energy and related support services industries across the Middle East and North Africa (Mena) region.

'We are delighted to be working with I M Skaugen and nogaholding on this deal, which demonstrates CMH's continued ability to deliver new and exciting opportunities for our investors across asset classes and sectors,' said CMH chairman Khalid Al Bassam.

'With the rapid growth of the region's petrochemicals industry, we believe this investment is a timely one, allowing CMH, our partners and other prospective co-investors to benefit from the ever-increasing need for shipping capacity from petrochemical producers of the Gulf region to Asian markets.

'With the shipping industry being cyclical, we have made this investment at the bottom of the cycle in terms of asset prices but also in time to be able to fully leverage the positive outlook for the sector and the attractive long-term opportunities it provides for growth and sustainable returns,' he added.

'This investment is in line with our strategy to bring to market solid investment opportunities, which are not usually accessible to individual investors without the relevant industry experience, technical expertise and significant capital expenditures required, and will act as a springboard for further business development related to maritime logistical solutions for the oil, gas and petrochemicals industry of the Mena region,' added CMH managing director and chief executive officer Khalid M Najibi.

'It further underscores CMH's ability to continue to partner with leading regional and global players in their areas of expertise as well as our continued commitment to investing in key sectors that contribute to the development and diversification of the Gulf economies in which we operate,' he added.-TradeArabia News Service