Environmental park project to be created in Saudi Arabia
Rainbow Petroleum Corp RBP
Shares issued 8,286,798 Sep 17 close $1.30
Thu 18 Sept 97 News Release
Mr Joe Hak reports
Substantial agreements and significant progress have been made in the
company's projects in the Kingdom of Saudi Arabia
Rainbow and Alsuhaimi Group of Saudi Arabia have created a joint venture
company, Rainbow Alsuhaimi, to facilitate investment and business
activities between Canada and the kingdom of Saudi Arabia. Rainbow
Petroleum owns 40%, Alsuhaimi Group 40% and Mr Sulaiman Alsuhaimi 20% of
the joint venture.
Mr Sulaiman Alsuhaimi has been appointed chairman of the board of the new
joint venture, offering his long history of experience and capabilities as
chairman of the Saudi Hollandi Bank, and vice-president of Alsuhaimi Group,
a conglomerate of 16 companies operating in the kingdom of Saudi Arabia.
Rainbow Alsuhaimi has established its offices in Saudi Arabia and is in the
midst of negotiations on several projects in the environmental, mineral and
oil and gas exploration sectors.
Rainbow Alsuhaimi has acquired the first right of refusal on a substantial
parcel of land, facilitated by Saudi authorities in encouraging and
supporting the growth of the kingdom's environmental sector.
This parcel of land, to be called The Environmental Park, is 1,000,000
square metres in size (approximately 250 acres), 35km outside the city of
Dammam, licenced and ready for the development of environmental projects.
An additional adjacent parcel of land 2,000,000 square metres in size is
available for future expansion.
Rainbow Alsuhaimi is currently negotiating with a number of Canadian and
American companies in the environmental sector to form the agreements
necessary to enter into this huge field of new opportunities in Saudi
Arabia.
The kingdom of Saudi Arabia is investing tremendous resources in the
environmental sector and Rainbow Alsuhaimi is poised to achieve phenomenal
growth in undertaking the development of substantial projects. |
