Saudi Arabia’s TAQA mulls acquisition of AZR Technologies

The Industrialization and Energy Services Co. (TAQA) is planning to acquire AZR Technologies, a provider of wireline logging services based in Dhahran. 

Through the acquisition, TAQA will provide its subsidiary Oilfield Services and Equipment (OFSE) with petrophysical, reservoir, and geological data that are necessary for well performance and reservoir evaluation in both rig and rigless operations, Al Eqtisadiah newspaper reported.  

In addition, the company will expand its wireline services that are estimated at more than SAR 1.5 billion annually.  

The deal is part of TAQA’s strategy to expand its oilfield services capabilities in the Middle East and North Africa region. 

According to data compiled by Argaam, TAQA was established in 2003 as a closed joint stock company, of which the Public Investment Fund owns 45.70%. The remaining stake is held by joint stock and listed companies, as well as other Saudi partners.