TAQA signs MoU with US’ Newpark to launch joint venture in Saudi Arabia
The Dhahran-based Industrialization and Energy Services Company also known as TAQA has signed a non-binding memorandum of understanding with US-based Newpark Fluids Systems to establish a joint venture in Saudi Arabia.
The joint venture is to provide oilfield chemicals and other related products and services including drilling and reservoir completion fluids and industrial minerals in Saudi Arabia.
“Establishing this joint venture with a world-class drilling and completion fluids technology provider such as Newpark is a milestone in TAQA’s journey to build capabilities and offer competitive, technically sound integrated Lump sum turnkey drilling to Saudi Aramco’s growing market,” TAQA CEO Khalid M. Nouh said.
Newpark will supply the joint venture with technical support, with a mandate to increase manufacturing capabilities in the Kingdom as well as specialty chemicals research and development.