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New Silkroutes in JV with UK consultancy to provide risk management, security services
NEW Silkroutes Group (NSG) said on Wednesday it has formed a joint venture (JV) with the owners of London-based consulting firm Rubeus to provide solutions for risk and security-related matters in Asia.
NSG exited Singapore Exchange's watch-list in November 2014. Formerly known as Digiland, a loss-making computer distributor, it said last July it wanted to transform itself into an oil and gas (O&G) company.
It believes this JV is complementary to its O&G business.
"For example, as our oil and gas business grows, we eventually want to get involved in activities beyond trading. These could include managing and owning oil storage facilities in Asia and Europe. Rubeus' experience in evaluating energy assets, particularly in frontier markets, will be invaluable," it said.
Rubeus, set up five years ago by a former soldier and his partner, offers risk management solutions to corporations, government agencies and ultra-high-net-worth families globally.
Its scope of work includes providing insights into entering emerging or frontier markets, monitoring onsite conditions throughout the life cycle of an investment and the operational management of projects, as well as offering crisis management services and advice on the security of critical national infrastructure, NSG said.
Rubeus' clients include O&G and mining companies, private banks, hedge funds, maritime firms, the media, as well as family offices.
The Singapore-based JV, Rubeus Silk, will be 51 per cent owned by NSG. The new partnership will seek to expand across Asia and develop local expertise in each of the markets it sets foot in.
NSG currently gets most of its revenue from oil and gas trading. It also has a JV with the government of Malta to develop the Southern European island into an energy trading hub between Europe and Asia.