RAKGas Signs Agreement for Zanzibars First oil and gas Exploration Project

RAKGas, through its global subsidiary RAKGas Zanzibar Limited, has signed an oil and also gas Production Sharing Contract with the Revolutionary Government of Zanzibar, the very first such contract Zanzibar has actually authorized following its execution of the Oil and Gas (Upstream) Act of 2016.

Negotiations regarding the Manufacturing Sharing Contract for the acreage called Pemba Zanzibar Block, which measures 11,868 square kilometres, have actually now been wrapped up and RAKGas Zanzibar Limited is carrying out the contract with the Zanzibar Government as well as the Zanzibar Petroleum Development Company.

His Highness Sheikh Saud bin Saqr Al Qasimi, UAE Supreme Council Member and Ruler of Ras Al Khaimah, arrived in Zanzibar after receiving a formal invitation from His Excellency President Dr. Ali Mohamed Shein of the Zanzibar Government to witness the signing of this historic agreement.

RAKGas L.L.C is a completely Ras Al Khaimah Government-owned oil as well as gas expedition and also production business established under Emiri Mandate number 14/84 by the Leader of Ras Al Khaimah. RAKGas has been pursuing exploration opportunities in the center East and also Africa as well as this year opened up a licencing round in Ras Al Khaimah to enable potential firms to bid for acreage.

RAKGas International Ceo Kamal Ataya said: This Production Sharing Agreement between RAKGas and the Government of Zanzibar is an important milestone for everyone involved and heralds a fruitful partnership between Ras Al Khaimah and Zanzibar.

RAKGas is pleased to be the company to enter into Zanzibar's first-ever expedition job."

About His Highness Sheikh Saud

His Highness Sheikh Saud bin Saqr Al Qasimi is a Member of the Supreme Council of the UAE and also Ruler of Ras Al Khaimah (RAK). Birthed in Dubai in 1956, he was educated in RAK before going to the American College of Beirut. He later relocated to the College of Michigan, finishing with an Economics Degree.

He returned house in 1979 and was appointed Chief of the Leader's Court before ending up being Chairman of RAK Municipal Council in 1986. In this duration, H.H. Sheikh Saud established RAK Ceramics and also restructured Julphar Pharmaceuticals as well as RAK Rock to make certain both became the industry leaders they are today.

H.H. Sheikh Saud was named Crown Royal prince of Ras Al Khaimah on 14 June 2003. In this function he looked after the introduction of complimentary areas, reliable business licensing treatments as well as offshore company registration.

On 27 October 2010, after the passing away of his father H.H. Sheikh Saqr (May he rest in Tranquility), H.H. Sheikh Saud ended up being the Leader of Ras Al Khaimah As Ruler, he has actually continued to increase and also diversify Ras Al Khaimah's economic base as well as improve the high quality of its social solutions, while working hard to make top notch education and healthcare solutions available to all the Emirate's populace.

H.H. Sheikh Saud obtained an Honorary Doctorate from the College of Bolton, UK, in 2010; an Honorary Fellowship of the Jawaharlal Nehru Centre for Advanced Scientific Research in India, in 2013; and also an Honorary Doctorate Level in Business Economics from Incheon National University, South Korea, in 2018.

About Ras Al Khaimah.

Ras Al Khaimah (RAK) is the northernmost of the seven Emirates that compose the United Arab Emirates. It is recognized for its abundant history, dating back 7,000 years, and also diverse landscape, from 64km of beautiful beaches, to terracotta deserts and also an imposing hill background. The Emirate is house to the greatest optimal in the UAE, Jebel Jais, which includes the globe's lengthiest zip line, at nearly 3km.

RAK is likewise centrally situated at the modern byroad between Europe and also Asia, with one third of the globe's populace within four hr's flying time, making it an ideal area for services to expand into the UAE, the Center East and Africa as well as beyond.

At the Emirate's economic heart lies a number of major firms and also markets - industrial (including RAK Rock and Stevin Rock's quarries, RAK Ceramics and Julphar Pharmaceuticals); RAK Ports; RAK Economic Zone; financial using RAKBANK; RAK Gas and tourism. Supporting these industries is a modern-day framework, state-of-the-art enterprise zones and business parks and world-class hotels, facilities and also attractions for vacationers.

For the previous years, Ras Al Khaimah has actually been consistently ranked 'A' by worldwide rating companies (Fitch and Requirement & Poor's) and also already the Emirate is residence to about 15,000 businesses, with virtually 37,000 firms from 100 nations having profession licenses below. RAK Courts is also the second-fastest court in the world at implementing contracts in industrial disagreements.