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Results of First Energy Bank for 2009 announced

Bahrain : 25 February 2010

Bahrain based First Energy Bank (FEB) proclaimed profit of 14.2 million dollars in 2009 as compared to 42,000 dollars in 2008.

Chief Executive Officer of FEB, Mr. Vahan Zanoyan said that they have been putting up FEB on sound footing, relying on the strength of their team, investor base and the understanding as well as knowledge they have about the energy industry and its capability. Last year was a full year of operations of FEB. From results of last year, they are fully satisfied with where they are now.

FEB is a new bank with an authorized capital of 1 billion dollars. The bank deals with a number of individuals and organizations having interests in the energy sector from Saudi Arabia, Libya, U.A.E. and Bahrain.

Mr. Zanoyan said that their preference is the execution of their investment plan. Going forward they are eyeing on doubling their existing balance sheet.

Establishment of the biggest Polysilicon production facility in Saudi Arabia and MENA region, in association with Saudi Arabia’s Project Management and Development (PMD) was a feather in cap for the bank. This achievement is the entrance of FEB into the alternative energy industry with a potential of becoming one of the lowest cost manufacturers of Plysilicon products. Moreover, with an investment of 50 million dollars, FEB acquired an important stake in the Al Dur Independent Water and Power Production (IWPP) project.

Last year, FEB consolidated its inaugural scheme, MENAdrill, an offshore drilling undertaking which plans to become one of the biggest private sector drilling companies in the MENA region. Additionally, FEB purchased from Global Santa Fe, 40% of Arab drilling and work over company (ADWOC).

Mr. Zanoyan said that since they have established a presence in the region, they are more upbeat for the current year and are prepared to start action on a number of investment opportunity in pipeline. They hope that 2010 will be yet another year of monumental success for FEB.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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