Global Equity International Inc. (GEQU) and secondary group Global Equity Partners Plc. recently announced that VT Hydrocarbon Holdings (VTH) has approved the financial portion of a real estate deal for a piece of land and facility in Jordan.
The agreement will allow the deal to make significant strides toward the closing process. Negotiations have been ongoing for a number of months, and all parties hope the deal between VTH and the seller of the land will enter a series of actions that will speedily close the deal.
Global Equity Partners Plc., an international consultancy firm owned by GEQU, has offices in Dubai and London. The group says its client, VTH, will construct and manage hydrocarbon storage facilities in the Aqaba Special Economic Zone and will grow to mirror those efforts in other parts of the globe overtime. The company's strategic plan involves providing Liquid Petroleum Gas (LPG) storage, as well as other liquid fuel storage, in response to the 45 percent market deficit in regional countries like Jordan in LPG supply.
“We have been waiting a long time to get to this point, and finally matters are moving ahead at a rapid pace,” Peter Smith, CEO of Global Equity International, said. “Historically, key decisions within the deal have taken weeks and months to arrive at, hence the reason for the various delays that this deal has suffered. Now we are moving into new territory on a daily basis with all parties exactly on the same page heading for the same conclusion. This will be a transaction we will be delighted to put the finishing touches to in the very near term.”
Domestic consumption, raw material supplier for petrochemicals and fuel for ships are the main reasons behind the increase in demand in LPG. Storage for Liquid Petroleum Gas -- which is highly needed to provide security, price stability and a steady supply -- is lacking in Jordan and the surrounding areas. VTH will fill that void by offering the largest, most innovative storage units for LPG, along with the planning needed to support the region.