Saudi's TAQA sets up JV firm with Norway's Archer

Industrialization & Energy Services Co signs agreement to establish new oil and gas venture
Saudi's TAQA sets up JV firm with Norway's Archer
By Reuters
Wed 01 Apr 2015 03:02 PM

Saudi Arabia's Industrialization & Energy Services Co (TAQA) has signed an agreement with a subsidiary of Norway's Archer to set up an oil and gas joint venture in Saudi Arabia, TAQA said on Wednesday.

Archer is the oil services arm of Norwegian shipping tycoon John Fredriksen. TAQA is half-owned by the Saudi government.

The new firm is expected to start operations at the end of this year, TAQA said in a statement.

It will provide wireline and mechanical intervention services for oil and gas wells. No financial terms were disclosed in the statement.

For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

Subscribe to our Newsletter

Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.