Saudi Arabia’s “TAQA” acquires a stake in the American “OPT”
It intends to build a research, engineering and manufacturing facility for chemicals in the east of the Kingdom
Wednesday – 25 Rabi Al-Awal 1442 AH – 11 November 2020 AD Issue No. [
15324]
TAQA acquires a stake in the American “OPT” (Asharq Al-Awsat)
Riyadh: «Middle East»
In less than a week, the Energy Manufacturing and Services Company (TAQA), owned by the Saudi Public Investment Fund, announced its second acquisition in the field of oil and energy. Yesterday, it announced its purchase with a group of Saudi joint stock companies and institutional investors for a stake in the “OPT” company, And based in Houston, USA, which is one of the companies specializing in chemicals, oil and gas field services.
The chemicals and specialized products of the world level constitute a major component of the services activity of the Saudi company, “Taqah”, while the “OPT” company will invest more than 10 million riyals (2.6 million dollars) to build a research, engineering and manufacturing facility for local chemicals in Dhahran, with a mandate to provide New engineering solutions, providing more job opportunities and enhancing local content in the research and development of chemical products in the Kingdom.
In a statement issued yesterday, Khaled Al-Noah, CEO of TAQA, said: “The partnership with OPT will enhance our research, engineering and manufacturing capabilities related to oil and gas field service chemicals, which will support our ambitions for technical development.”
Al-Noah added that the local research, engineering and manufacturing facility that OPT will develop in Dhahran will expand the chemical footprint in the Kingdom and enable entry into the field of specialized chemicals to address the performance and safety of wells in the oil and gas sectors.
For his part, CEO of OPT Chi Jun Shao said that the cooperation would allow the American company to manufacture chemicals locally in Saudi Arabia.
The Manufacturing and Energy Services Company (TAQA) had revealed a few days ago that it would acquire Azar Technologies, a company specialized in recording electrical measurements for oil and gas wells, based in Dhahran. The deal is part of TAQA’s strategy to expand its oilfield services capabilities in the Middle East and North Africa region.
According to a press release by the company yesterday, “TAQA” will provide oilfield services and equipment (a subsidiary of TAQA), through the acquisition of Azar Technologies, petrophysical data, reservoir data and geological data important to well performance and reservoir evaluation in exploration, well maintenance and production development.
Thanks to the acquisition of Azar, TAQA will expand its capabilities in operations related to oil and gas wells, and the strategic acquisition will enable the expansion in the field of recording and measuring electrical wells, whose value is estimated at more than 1.5 billion riyals annually in Saudi Arabia.
Economy
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