Topaz Energy and Marine Ltd, one of the leading Dubai based oil and gas services companies, has announced that Sumitomo Corporation of Japan has secured an 80 per cent majority equity share in its Jebel Ali based subsidiary Mezon Stainless Steel FZE in a transaction worth approximately $10 million.

Topaz senior executives held a strategic review of its corporate structure and varied business activities and concluded that Mezon, recognised as one of the leading regional stockists of stainless steel products for the oil and gas industry, would be offered to Sumitomo in the interests of Topaz’s long-term business strategy.
Anjan Mitra, CEO, Topaz, declared, “Mezon has played an important part in our corporate development, but having reviewed our strategy we felt that it was time to focus on our core marine and oil and gas services and related business”.
Since acquiring BUE Marine, Topaz has expanded significantly in this industry segment and will use the proceeds of the sale to accelerate a major vessel construction programme and to further develop its market presence in the offshore oil and gas sector, which is currently experiencing robust growth.
Topaz and Sumitomo have enjoyed an enviable long-term business relationship and the acquisition will provide high levels of synergy for both partners. Sumitomo, a leading global supplier of stainless steel products will consolidate its market position in the Middle East and will provide Mezon with the technical and financial support to expand its product lines and extend its market reach. Kazutoshi Fujii of Sumitomo Corporation enthused, “Sumitomo has enjoyed a long and successful association with Topaz and we are delighted to take our partnership to a new level by acquiring a majority stake in Mezon.”