Citation
(2010), "Wah Seong in talks to buy firm in West Africa", Pigment & Resin Technology, Vol. 39 No. 4. https://doi.org/10.1108/prt.2010.12939dab.009
Publisher
:Emerald Group Publishing Limited
Copyright © 2010, Emerald Group Publishing Limited
Wah Seong in talks to buy firm in West Africa
Article Type: Industry news From: Pigment & Resin Technology, Volume 39, Issue 4
Malaysia-based Wah Seong Corp. is in negotiations with The Orleans Group of West Africa, as it is interested in acquiring Orleans’ strategic partner, Socotherm, for its pipe-coating business in Nigeria. Wah Seong anticipates an increase of activity in gas field developments, gas distribution, and deepwater field exploration and development in the region. Originally, Orleans and Socotherm had a 40:60 pipe-coating joint venture in West Africa. In December last year, Orleans bought over Socotherm’s 60 percent interest. Having acquired 100 percent of Socotherm’s pipe-coating assets, OSK Research said Orleans would soon sell them to Wah Seong. A new joint-venture company would be set up and Wah Seong would then lease these assets back to the joint-venture company, according to OSK. With Socotherm in the picture, Wah Seong will gain access to key oil and gas markets like Europe, South America, Africa, and Australia, where Socotherm has a reputable standing.