Chishti Group of India and United Petro Group announced today that they have 
entered into a non-binding memorandum of understanding (MoU) to progress 
detailed discussions on combining their trading businesses across all 
territories.

The companies believe that combining their efforts in a new joint venture 
company to be named Chishti United Petroleum Pte. Ltd would bring significant 
opportunities for them to jointly boost future developments and operations. In 
particular, it would be expected to generate significant synergies, create more 
efficient operations and increase opportunities.

The new company would be supported by the Chishti Group and the United Petro 
Group, benefitting from the competencies and personnel of each, and would be 
expected to be self-funded. A business plan for the company would be agreed by 
Chishti and UPG to allow it to capture future opportunities in development and 
possibly portfolio growth, throughout South East Asia and the Middle East.

The companies' social investment commitments will continue to be honoured and 
HSE performance, growth and efficiency will be priority areas for the 
management. 

United Petro Founder and Chairman, Dr Ganapathi Dhiwaghar commented: "We're 
excited to announce this joint venture with the Chishti Group and thrilled to 
partner with their team to build a new trading arm, to take advantage of a 
significant market opportunity. This joint venture allows us to expand our 
impact. We are actively working on a host of ideas and are proud to be an 
operating partner with a recognized name in the rapidly-evolving space."

Chishti Group Founder and chairman, Shaheen Chishti commented: "The Chishti 
Group requires partnerships with experienced, like-minded organizations that 
share the desire to create, development and maximise impact. United Petro Group 
is a market leader  and a leading operator. The joint venture demonstrates 
real  international opportunities and we hope that it will be the first of 
many."

About United Petro Group

The United Petro Group is a global energy trading company. UPG was founded by 
Dr. Ganapathi Dhiwaghar. United Petro has a global presence with long-term 
contracts and established relationships with numerous crude oil producing 
companies around the world. United Petro Group is proud of its strategic 
alliances which enables it to move petroleum products and crude oil almost 
anywhere around the globe. With tank storage facilities and in-house shipping, 
UPG boasts of a well-experienced team with vast and diverse expertise in the 
Oil & Gas industry. 

About Chishti Group

Founded by Shaheen Chishti, the Chishti Group is an Anglo-Indian transnational 
conglomerate. The group is present in a number of sectors including shipping, 
oil & gas, banking and finance, trading and real estate. 

SOURCE: Chishti Group and United Petro Group