The Board of Directors of AFCO Energy Pte Ltd is pleased to announce that it has entered into a shareholder agreement with GSS Energy Limited on June 1, 2015, to jointly invest in GSS-AFCO Pte Ltd with a 50% stake each.
GSS-AFCO will be engaged in the production, marketing and distribution of mineral oil and crude oil products and related businesses in Indonesia.
Commenting on the agreement, CEO of GSS Energy, Mr. Sydney Yeung, said, “We are pleased to set up the oil marketing and trading platform with AFCO Energy as our joint-venture partner. AFCO has extensive knowledge and expertise in the storage, trading, and distribution of oil and oil-related products, which will add significant value to our new business. GSS-AFCO will complement and create synergy with our existing oil production to fuel our future growth
GSS Energy is in the process of building a diversified business model that will provide multiple revenue streams, through both expansion in perspective assets and extension along the value chain. We are confident that this is in the best interest of our shareholders, especially over the long term.
Commenting on the agreement, Managing Director of AFCO Energy, Mr. Ali Nael “We look forward to this new venture as we strongly believe GSS and AFCO with its complimentary business models will be able to capture and contribute to the rapidly changing Indonesian energy markets. GSS Energy and its stakeholders have a long experience and deep insight knowledge of the Indonesian upstream and downstream oil market and are the perfect partners to further position AFCO Energy in the Asia Pacific market of which we believe Indonesia will play an everly increasing role.
AFCO will continue to focus on diversifying its product and geographical portfolio.
About GSS Energy
GSS Energy has two core operating subsidiaries: CSE and Giken Sakarta (S) Limited (“Giken Sakarta”). CSE is engaged in oil production in Indonesia and Giken Sakata is engaged in precision engineering with presence in Singapore, Indonesia and China.
GSS Energy is a public traded company on SGX. Giken Sakata has been listed on SGX since 1993.
For more information: www.gssenergy.com.sg
AFCO is a Singapore-incorporated company with a global presence, engaged in the trading of physical energy products, including fuel oil, gasoil, gasoline, jet fuel, liquid petroleum gas and its related components. AFCO is the international trading subsidiary of FinCo Fuel Holding B.V., a Netherlands incorporated company specialized in the storage, trading and distribution of oil and oil-related products in Europe and Asia.
For more information: www.afco-energy.com & www.fincofuel.com