Sunco Group Inc announces Joint Venture with Makco Ltd
New York -- January 24, 2007 -- Sunco Group, Inc., a New York based investment group, announced today that they have formed a Joint Venture strategic partnership with Makco Ltd.a company that has been successfully operating in Libya since 1981. With over 600 employees Makco has broad experience in several key sectors in the Libyan economy. The JV company will operate as the Makco-Sunco Group both in New York City and Tripoli, Libya.
At the invitation of the Makco’s CEO Mr. Ijaz Rashid Sunco Group’s Chairman, Michael Cassin along with several senior managers of Sunco visited Libya this past December. While there the group help talks with several senior Government officials to discuss investments opportunities. The result of this is that Sunco has committed to bring investments of $1.5 billion over the next few years and focus in the areas of oil & gas, tourism, resort development, infrastructure and banking. Sunco is very excited to be working with Makco that has offices and facilities located throughout Libya and a very capable management team in place that will be instrumental in implementing these projects.
Mr Cassin said he was very impressed by the hospitality and good will extended to his team by the Libyans. He said “ The weather, the beach front, the architecture, the food, the warmth of the local people all contribute to an investors dream. The possibilities are unlimited.”
Makco- Sunco intends to arrange JV ventures with the Libyan Government in major projects that will result in the training and job creations for the local market.
For further info Please suncogroup could be reached at 212-980-0550 or visit www.Suncogroup.com
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