THE Dubai-based Kampac Oil Middle East, whose activities include oil and gas exploration, building oil storage facilities and trading in crude oil, ihas recently concluded a $70 million Memorandum of Understanding for a floating oil storage facility in Ghana.

The company has strong presence in West African states. It is in the final stages of negotiations for oil & gas exploration blocks in Ghana, Chad, Congo, and Angola, in addition to those in Senegal. The company is in the process of finalising 600,000cbm crude oil storage farm and a 100,000 barrel/day refinery for a Venezuela company.

Moreoever, it is considering dual listing of two of its assets - St Louis and Louga - valued at more than $2 billion (Dh7.34 billion) on New York Stock Exchange and in Dubai after an Initial Public Offer (IPO).

According to a ?Khaleej Times? report, the assets identified for the IPO are oil & gas exploration blocks 85 per cent owned by Kampac and the remaining 15 per cent by Petrosen, Senegal?s National Oil Company (Petrosen).

These two assets will be spun-off into companies to float their shares. According to Kampac sources, the private placement alone will fetch about $100 million The company officials said Kampac has also plans to enter the retail petroleum business, and the company has already identified places where it can acquire retail business network already in operation. Kampac Oil has 17 offices worldwide covering Asia, Africa, Europe, North and South Americas.

Very few companies from the region have so far looked at the possibilities of listing their shares on overseas exchanges.

Earlier this week Khaleej Times had reported that Tejoori Limited, a Dubai-based company, is planning to list its shares on London Stock Exchange?s Alternative Investment Market (AIM) by the end of the year. Another Dubai-based company, Al-Thani Investments is also said to be eyeing London listing. Kampac has recently acquired two blocks - one onshore and the other offshore in Senegal. Charles Ampofo, Chairman of Kampac Oil Middle East said the offshore block called St Louis, will be the asset being considered for a public offering. Multinational Asian oil exploration companies including Gas Authority of India Ltd (GAIL) are already in negotiation with Kampac for stakes in the St. Louis block.

Ajit Nair, one of the directors of the company said Kampac is currently in talks with a few companies, to offer 20 per cent of Kampac?s holding in St Loius, through a private placement. If this works out, the remaining interests in the block held by Kampac will be offered to the public through an IPO which will be finalised soon,? Nair further added.

The mechanics of the private placement as well as the IPO that will follow are being done by a Geneva-based fund management company New Generation Capitas. Nair said there are probable reserves of between three to six trillion cubic feet (TCF) of gas, and 400 million barrels of oil as identified in the St Louis block and Louga Block.