By Andy Sambidge
Singapore-listed MTQ wins approval to operate in Gulf state's oil and gas industry.
MTQ Corporation Limited Group (MTQ), an engineering services company, has announced it had obtained approval in principle from Bahrain to provide services and components for its oil and gas industry.
MTQ Bahrain, a wholly owned subsidiary of MTQ, which is listed in Singapore, is being formed to carry out these operations, following the green light from the Ministry of Industry and Commerce in the kingdom.
MTQ initially plans to provide up to 110 jobs. On completion of the facility, the company plans to employ more than 250 people in Bahrain.
As part of its commitment, MTQ is planning to construct a state-of-the-art $20 million facility at the Bahrain International Investment Park (BIIP) near Hidd, once the necessary permits and licenses are obtained from local authorities.
This new facility at the BIIP will support MTQ’s existing Gulf Cooperation Council (GCC) customers and also enable it to develop new customers in the region.
When completed in 2010, the facility’s main activity will be the repair and reconditioning of equipment used in the operation of blow-out preventers, a key precision safety device used on all land and offshore oil and gas rigs.
The facility will also focus on activities such as the fabrication of structures, housings, flanges and other precision parts.
Kuah Kok Kim, chairman and chief executive officer of MTQ, said: “Bahrain’s strategic location and positive business climate offers exciting long-term opportunities for our company to expand its core business.”
Dr Hassan Fakhro, Bahrain’s Minister of Industry and Commerce added: “This agreement reinforces the already strong business links between Bahrain and Singapore.”