Hill Intl (MM) (NASDAQ:HINT)
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From Jun 2019 to Jun 2024
Hill International (Nasdaq:HINT), the worldwide construction consulting
firm, announced today that it has entered into an agreement with the
Egyptian Natural Gas Holding Co. (EGAS) and the Egyptian Natural Gas Co.
(GASCO), two subsidiaries of the Egyptian Ministry of Petroleum,
pursuant to which they will form a new joint venture company that will
provide project management services primarily on oil and gas projects
throughout the Middle East and Africa.
The new company, Hill International Petrol (Egypt) Ltd., will be owned
50% by Hill and 50% by the Ministry of Petroleum’s
subsidiaries.
“This new joint venture will allow Egypt to
bring Hill’s project management resources and
capabilities to projects throughout Egypt and the surrounding region, as
well as to help develop a pipeline of work for Hill into the expanding
oil and gas sector,” said Irvin E. Richter,
Hill’s Chairman and Chief Executive Officer. “We
believe that EGAS and GASCO are the ideal partners to help us make this
new company successful as they will provide many of the technical
resources necessary to help manage these projects,”
Richter added.
EGAS was established to organize and diligently handle the activities of
the natural gas resources of Egypt in order to add value to the Egyptian
economy. EGAS’s mission is to create a gas
reserves base, establish natural gas infrastructure, and expand local
energy markets utilizing natural gas. For more information on EGAS,
please visit their website at www.egas.com.eg.
GASCO is the operator of the natural gas transmission grid in Egypt, a
4,700-kilometer network of gas pipelines that connects producers and
consumers of natural gas throughout Egypt. GASCO’s
mission is to use state-of-the-art technologies in the construction,
operation, management and maintenance of the gas grid as well as in gas
processing and the extraction of gas valuable components. For more
information on GASCO, please visit their website at www.gasco.com.eg.
Hill International, with 1,500 employees in 70 offices worldwide,
provides program management, project management, construction
management, and construction claims services. Engineering News-Record magazine
recently ranked Hill as the 10th largest construction management firm in
the United States. For more information on Hill, please visit our
website at www.hillintl.com.
This press release may include certain statements that fall within the
definition of “forward-looking statements”
under the Private Securities Litigation Reform Act of 1995. Any such
statements are subject to risks and uncertainties, overall economic and
market conditions, competitors’ and clients’
actions, and other conditions, which could cause actual results to
differ materially from those anticipated, including those risks
identified in Hill’s filings with the
Securities and Exchange Commission. Accordingly, such statements should
be considered in light of these risks. Any prediction by Hill is only a
statement of management’s belief at the time
the prediction is made. There can be no assurance that any prediction
once made will continue thereafter to reflect management’s
belief, and Hill does not undertake to update publicly its predictions,
whether as a result of new information, future events or otherwise.
(HINT-G)