RAK Ruler vis­its Zanz­ibar

The Gulf Today - Business - - FRONT PAGE -

ZANZ­IBAR: His High­ness Sheikh Saud Bin Saqr Al Qasimi, Supreme Coun­cil Mem­ber and Ruler of Ras al-khaimah, has vis­ited Zanz­ibar, fol­low­ing an in­vi­ta­tion from Pres­i­dent Dr. Ali Mo­hamed Shein of Tan­za­nia, to at­tend the sign­ing cer­e­mony of an his­toric agree­ment for RAKGAS to be­come Zanz­ibar’s first oil and gas pro­duc­tion part­ner.

Sheikh Saud held a pri­vate meeting with Pres­i­dent Shein, be­fore both at­tended the sign­ing cer­e­mony to of­fer their sup­port to the his­toric Pro­duc­tion Shar­ing Agree­ment be­tween RAKGAS’S in­ter­na­tional sub­sidiary RAKGAS Zanz­ibar Lim­ited and the Zanz­ibar Petroleum De­vel­op­ment Com­pany.

The agree­ment is Zanz­ibar’s first oil and gas ex­plo­ration project af­ter the im­ple­men­ta­tion of its Oil and Gas (Up­stream) Act of 2016.

His High­ness Sheikh Saud said, “Ras Al Khaimah and Zanz­ibar have en­joyed strong ties for sev­eral years and this Pro­duc­tion Shar­ing Agree­ment is the cul­mi­na­tion of the ef­forts of two friendly re­gions to co­op­er­ate for the ben­e­fit of their peo­ple. RAKGAS be­ing cho­sen by Zanz­ibar for its first foray into oil and gas ex­plo­ration high­lights the ex­per­tise of RAKGAS and the depth of trust be­tween us.” RAKGAS is a wholly Ras al-khaimah Govern­ment-owned oil and gas ex­plo­ration and pro­duc­tion com­pany which has been pur­su­ing ex­plo­ration op­por­tu­ni­ties in the Mid­dle East and Africa and this year opened a li­cenc­ing round in Ras al-khaimah to al­low for prospec­tive com­pa­nies to bid for acreage.

RAKGAS In­ter­na­tional Chief Ex­ec­u­tive Of­fi­cer 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.

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