TAQA and Archer sign joint venture agreement to establish specialized Oil and Gas services Company

04/16/2015

A joint venture agreement has been signed between Industrialization and Energy Services Company (TAQA) and Archer Assets Limited UK. The joint venture company will cover wireline and mechanical intervention services for oil and gas wells.

The JV with Archer will complement other TAQA service offering aiming to develop a Saudi integrated oilfield services via long-term partnership investments with reputable service providers. The new JV Company is expected to commence operations at the end of this year after completing all legal and start-up preparations.

The CEOs of TAQA, Mr. Adel Al-Ghadhban, and the CEO of Archer Mr. David King signed the agreement in TAQA headquarters in khobar in the presence of Mr. Mohammad Y. Rufaie the Chairman of Taqa board of directors.

Mr. Rufaie said, “The partnership with Archer will serve TAQA’s strategic objectives to localize energy services, transfer technology and expertise, train Saudi task force and create jobs.”

Mr. King said, “I am pleased with the partnership and cooperation with TAQA to enrich Archer’s presence in the Middle East and to support TAQA in achieving their strategic objectives.”

Mr. Al-Ghadhban added, “The agreement represents an important milestone toward increasing TAQA presence in the oil and gas sector and commitment to support the Kingdome’s oil and gas exploration, drilling, and production operations. It is worth mentioning that there are no national companies currently providing the services that will be offered by the TAQA-Archer JV.”