Dear Clients and Business Partners

An ancient Chinese proverb says, "May you live in interesting times". Although some say this expression was originally a curse, we at Renco see it differently.

These past few years interesting changes have come not just our way but also crossed the business paths of our Clients. Some are surely bound to exert a lasting impact on a global scale, whilst others may be of temporary nature.

The steady increase in oil price to unprecedented levels has fuelled significant growth in hydrocarbon exploration and production investments.

Renco has been successful in capturing many of the challenging opportunities these expanding investments have created, thanks to its pro-active business policies, by concentrating on building its core competencies and through strengthening and expanding its presence in new geographic areas.

For the foreseeable future, the world will continue needing more hydrocarbons to satisfy its growing energy demand, further driving the capital spend by oil and gas companies for additional exploration, development and production. This bodes well for Renco as it is equipped with the requisite competences, resources and technology to respond to increasing needs of its Clients.

The numerous countries now embracing the principles of the Kyoto Protocol, another aspect of our interesting times, propels broad demand for new, huge energy industry initiatives and, I am pleased to say, Renco is successful in taking advantage of the opportunities this sector presents.

Its pro-active pursuit of market acceptance of several novel, internally developed environmentally beneficial technologies and technologies provided by others with whom Renco has formed cooperative relationships, is expected to further strengthen Renco's services portfolio.

Despite sluggishness in the some of the world's biggest economies and persistent turmoil in the 'oil currency' exchange markets, Renco's activities in the Infrastructure sector have performed well and are poised for further growth driven by expected significant new investments in people accommodations at remote locations and other infrastructural improvements required by emerging economies.

Of course, these undertakings could not have been nor will be successful without the unfailing commitment and perseverance of every member of our company. It stands as a tribute to their skills, determination and spirit that Renco is well placed to continue its journey to success, and I remain privileged to guide them.


Giovanni Rubini