Mon 29-10-2018 18:40 PM
ZANZIBAR, 29th October, 2018 (WAM) — H.H. 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.
WAM/Nour Salman/MOHD AAMIR