In April 2014, the IG S.p.A., now IG O&M S.p.A., was contacted by a company registered in Lebanon MAN Enterprise to analyze and, possibly, to formalize a partnership with the aim to participate in projects in the Middle East.
MAN Enterprise, solid companies with sales in the order of $ 500 million, active in the fields of large civil construction (skyscrapers, hotels), mainly in Lebanon and Qatar, has completed an extensive scouting in Italy in order to identify a medium-sized company to establish a joint-venture and expand its field of activity.
The choice of MAN Enterprise fell on IG O&M; in consequence of this relationship began to know each other: visit of the leaders of MAN at the IG O&M premises and visit of IG O&M leaders in Beyrut and in Doha. These visits and discussions have induced positive results. Ownership of MAN Enterprise has clearly expressed its willingness to work with the IG O&M having found important synergies with its own companies.
After several meetings it came to the definition and signing of a Joint Venture Agreement which specifies obligations and roles of both parties.
Subsequently, on 29/12/2014, it was set up in a UK company called MAN IGOM LIMITED owned for 80% by MAN Oil & Gas SAL and 20% IG O&M.
MAN has an extensive knowledge of the markets of the Middle East and an equally extensive network of contacts in these areas. MAN intends to expand and diversify its business in the field of operation and maintenance and identified in IG O&M the ability to give significant contributions in terms of know-how and references. All this represents a significant opportunity for IG O&M also bearing in mind that MAN will support, at least initially, the majority of the costs for the bid requests and issue the resulting tenders.
The scope of work of the IG O&M has been defined: system engineering, emissions of procedures, procurement activities, site supervising; the scope of work of the MAN is mainly on the supply of labor and infrastructure.
The MAN will also issue the bank guarantees and cash flow.