HOUSTON, Nov. 5, 2014 /PRNewswire/ -- Energy Holdings International, Inc. and Rasan Energy Holding Company signed the joint venture on 15 October 2014 in Dubai, UAE whereby Rasan will provide $60 million USD equity investment funds for the acquisition of proven oil and gas properties in the United States and Canada. The joint venture will be owned 50/50 between Energy Holdings International, Inc. and Rasan Energy Holding and will be jointly owned and operated via a new holding company "Energy Vest 1".
Energy Holdings International, Inc. has been active in the development of Independent Power Plant (IPP) assets on a Power Purchase Agreement (PPA) basis with utilities owned by local MENA Governments in both solar and combined cycle power plants. EGYH utilizes G.E. Technology for Heavy Fuel Oil (HFO) and Gas fuel while utilizing First Solar Technology for solar farms whereby giving a long term value to the Energy Holdings International, Inc. shareholders. Energy Holdings International, Inc. has long had the intention of acquiring oil and gas properties in the United States, and with the technological advancements that has led to the increased production; the investment risk has been reduced significantly. The shale production in the US has increased over the past few years and will continue stated Jalal Alghani, Vice-Chairman.
The joint venture between Energy Holdings International, Inc. and Rasan is a stepping stone into the acquisition and investment in the Energy market in the United States and Canada with the initial targeted asset value exceeding $120 million USD. Rasan has agreed to provide additional investment capital in 2015 for larger acquisitions; The Joint venture with Rasan Energy has full support from the Board of Directors of Energy Holdings International, Inc.
Energy Holdings International, Inc. is very pleased with the joint venture and looks forward to building a large presence in the oil and gas arena with Rasan Energy Holding; stated John W Adair, Chairman, Energy Holdings International, Inc.
Energy Holdings International, Inc. is an American Company with offices in Houston, Texas, Dubai, UAE and Riyadh, Saudi Arabia. Rasan Energy Holdings is a Kuwaiti shareholder company.
In light of these risks, uncertainties and assumptions, the events anticipated by EHII's forward-looking statements may not occur, and, if any of such events do, we may not have anticipated the timing of their occurrence or the extent of their impact on our actual results. Accordingly, you should not place any undue reliance on any of EHII's forward-looking statements. EHII's forward-looking statements speak only as of the date made and EHII undertakes no obligation, other than as required by applicable law, to update or revise its forward-looking statements, whether as a result of new information, subsequent events, anticipated or unanticipated circumstances or otherwise.
SOURCE Energy Holdings International, Inc.