Saudi Industrialization and Energy Services Company (TAQA) announced that it has agreed to acquire a stake in OPT Petroleum Technologies Company which is headquartered in US's Houston.
TAQA’s strategic partnership with OPT secures access to world-class specialty chemicals and products, which comprise a key component of the success and differentiation of TAQA’s services.
In an investment of more than SAR10 million, OPT will build local chemical research, engineering, and manufacturing facility in Dhahran.
This aims to introduce new engineering solutions, create more jobs and promote local content of products and chemicals research and development (R&D) in Saudi Arabia.
For his part, Khalid Nouh, TAQA Chief Executive said: “Our Operations Chemicals Laboratories in Dammam 2nd Industrial City is a testament to TAQA’s growth strategy in chemical operations, and partnering with OPT will further cement our capabilities into oilfield chemicals research, engineering, and manufacturing, supporting TAQA’s technology development ambitions.”
Meanwhile, Zhijun Xiao, CEO of OPT, said: “We are pleased with the partnership with TAQA, which will facilitate OPT to come in full force in the Kingdom to support our clients with chemical products, technologies, and services."
The combination of TAQA and OPT resources will facilitate an increased service offering for customers and bring international technology developers to establish a presence in the Kingdom, in line with Saudi Arabia’s Vision 2030.
