Saudi TAQA acquires stake in Houston-based OPT

Saudi Arabia’s Industrialization and Energy Services Co. (TAQA), owned by the Public Investment Fund (PIF), said the firm along with a group of Saudi joint stock companies and institutional investors purchased a stake in Houston-based OPT.

The US firm is specialized in chemicals, oil and gas field services.

OPT will invest more than SAR 10 million to build a research, engineering and manufacturing facility for local chemicals in Dhahran, with a mandate to provide new engineering solutions, more job opportunities and enhance local content in research and development of chemical products in the Kingdom, SPA reported, citing a company statement.

“This partnership will enhance our research, engineering and manufacturing capabilities related to oil and gas field service chemicals, and will further support technical development opportunities,” stated Khaled Al-Noah, chief executive of TAQA.

The OPT manufacturing facility will expand the chemical footprint in the Kingdom and enable access into the field of specialized chemicals to address wells’ performance and safety in both oil and gas sectors.

“Such a cooperation would allow us to manufacture chemicals locally in Saudi Arabia,” CEO of OPT Chi Jun Shao said.