PR90980

DELHI, India, Aug. 3, 2021 /PRNewswire=KYODO JBN/ --

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.

SOURCE: Chishti Group and United Petro Group