DELHI, India, Aug. 3, 2021 /PRNewswire/ -- Chishti Group of India and United Petro Group announced today that they have entered into a non-binding memorandum of understanding (MoU) to progress detailed discussions on combining their trading businesses across all territories.
The companies believe that combining their efforts in a new joint venture company to be named Chishti United Petroleum Pte. Ltd would bring significant opportunities for them to jointly boost future developments and operations. In particular, it would be expected to generate significant synergies, create more efficient operations and increase opportunities.
The new company would be supported by the Chishti Group and the United Petro Group, benefitting from the competencies and personnel of each, and would be expected to be self-funded. A business plan for the company would be agreed by Chishti and UPG to allow it to capture future opportunities in development and possibly portfolio growth, throughout South East Asia and the Middle East.
The companies' social investment commitments will continue to be honoured and HSE performance, growth and efficiency will be priority areas for the management.
United Petro Founder and Chairman, Dr Ganapathi Dhiwaghar commented: "We're excited to announce this joint venture with the Chishti Group and thrilled to partner with their team to build a new trading arm, to take advantage of a significant market opportunity. This joint venture allows us to expand our impact. We are actively working on a host of ideas and are proud to be an operating partner with a recognized name in the rapidly-evolving space."
Chishti Group Founder and chairman, Shaheen Chishti commented: "The Chishti Group requires partnerships with experienced, like-minded organizations that share the desire to create, development and maximise impact. United Petro Group is a market leader and a leading operator. The joint venture demonstrates real international opportunities and we hope that it will be the first of many."
About United Petro Group
The United Petro Group is a global energy trading company. UPG was founded by Dr. Ganapathi Dhiwaghar. United Petro has a global presence with long-term contracts and established relationships with numerous crude oil producing companies around the world. United Petro Group is proud of its strategic alliances which enables it to move petroleum products and crude oil almost anywhere around the globe. With tank storage facilities and in-house shipping, UPG boasts of a well-experienced team with vast and diverse expertise in the Oil & Gas industry.
About Chishti Group
Founded by Shaheen Chishti, the Chishti Group is an Anglo-Indian transnational conglomerate. The group is present in a number of sectors including shipping, oil & gas, banking and finance, trading and real estate.