Chairman's Introduction

The Unaoil Group has passed another important milestone in our goal to be the leading integrator and market consultant in the energy sector in the Middle East, North and West Africa, and the former Soviet Union. After hiring experienced leaders for each of our divisions (Automation, EPC, Inspection, Production Chemicals, Process Treatment, Rotating Equipment and Technical Resources), we are now visibly benefiting from the synergies between these operating companies and our Consulting division. With the impressive growth which has ensued, it is our challenge to maintain our team-based culture and risk-management techniques to continue to steer us safely through our industry’s cycle.

As before, I stress that maximum short-term profits are not our priority, but instead we will pursue what we think are more worthwhile goals: providing value-added services at competitive prices whilst developing local content, enabling technology transfer and creating jobs where these are still desperately needed.

By learning more from our setbacks than our victories, our Group is not only strong technically and financially, but also enjoys an excellent reputation with our clients and partners. All of us are proud, as indeed we should be, to pioneer ventures in difficult areas, regions and markets especially through volatile times. Our strategy to focus on our core business of integration continues to pay dividends thanks to the strong support of our clients, national and international oil companies, as well as related government agencies.

As for the future, the pressure for expansion is strong, but care needs to be taken to maintain our excellent standards of operations and service. After all, we are always seen to be only as good as the last project we have completed. We are well on track to reach our five year goals and I would like to take this opportunity to add a number of new targets, including:

• deepening our involvement in carbon credit and sustainable-build Activities through partnerships with leaders in sustainable development;
• growing our Far Eastern-based businesses and M&A activities to meet the local content needs of these growth markets;
• expanding our financial services capabilities to provide more points of service for our clients, including trade, project and vendor financing.

The Unaoil Group will continue to develop and expand its role in the energy sector. Now, more than ever, we are proud to be instrumental not only in the cost-effective economic and technological development that we offer our clients, but also in the social impact of our work. I would like to thank our customers, partners and our team of dedicated executives and employees for their commitment, loyalty and support. The future looks extremely promising and we look forward to building on it together.

Ata Ahsani
Chairman
The Unaoil Group of Companies