Bahrain-based PSI Energy Holding Company said it is moving its main corporate operations to Dubai to be able to better pursue oil and gas projects in region.

PSI's new office will be located in the Dubai Multi Commodities Centre (DMCC), chief executive officer Nigel Barker said.

"This location gives us superb access to our target markets," he told Gulf News.
PSI has an authorised capital of $100 million and is incorporated in Bahrain.
The company expects to start its activities from Dubai after three weeks, Barker said.

"We will continue to maintain our presence in Bahrain but our main executive operations are going to be handled out of Dubai," he said.

Trend

Dubai's growing importance as the region's business capital is encouraging companies to shift their corporate activities to the city.

In a high-profile case last month, US oil and gas services firm Halliburton said its chief executive officer would move from Houston to Dubai.

PSI is owned by British entrepreneur Ryan Cornelius, whose other business in Dubai include a plantation development in Dubailand and the Big Yellow self-storage facility in the Al Quoz area.
The company is looking for a site in the Gulf region to relocate a Philippine-based refinery.


PSI estimates the refinery relocation project could require an investment of $700 million.

It bought the 80,000 barrels per day Batangas unit from American oil firm Caltex.

Expansion: Company looks beyond Gulf

PSI is also in the business of developing modular refining units that typically have 10,000 bpd to 40,000 bpd capacity. These have their utility at crude oil production sites.

Its current activities are limited to the Middle East, South Asia and Africa.

The company is also looking at Turkey and West Africa for possible locations. It has undertaken a refinery project in Pakistan.