On Mar.21st, Sinochem's wholly-owned subsidiary Atlantis signed production contract with RAK Natural Gas Committee and UAQ government in UAQ government's office building to explore UAQ's offshore gas field. Han Gensheng, Vice President of Sinochem, Emir and Crown Prince of UAQ Emirate, Crown Prince of RAK were present at the signing ceremony.
In 2001, Atlantis announced the commercial discovery in UAQ gas field. The overall production project well include offshore unmanned oil rig, exploration well and undersea pipeline. The natural gas produced will be sold to RAK Natural Gas Committee. The project will be put into operation in 2007.
Vice President Han said in the ceremony that UAQ gas field in the first Middle East gas field in which Chinese Company goes from exploration to production. It is a monument for Sionchem Corporation's strategic movement to make its extension to the oil sector's upstream. Sinochem Corporation will fully support Atlantis to accomplish the projected in line with international standard.
Atlantis owns the oil and gas assets in Northern UAE, Oman and North Africa. It owns 100% of UAQ's Gas Field's stake. It is also UAQ gas field's operator. RAK Natural Gas Committee is owned by RAK government to satisfy the energy need of RAK Emirate.
UAQ gas fields' development is UAQ Emirate's biggest construction project to date. It will greatly stimulate the local economy.