Baker Hughes and Dussur, which is owned by Saudi Arabian Public Investment Fund (PIF), Saudi Aramco, and SABIC (Saudi Basic Industries Corporation), have inked an agreement to establish a joint venture (JV) working on oilfield and industrial chemicals in Saudi Arabia, Baker Hughes announced in a press release.
This JV will boost Baker Hughes’ work to serve the chemical market in the region, including its chemical blend plant in Dammam and manufacturing facility in Jubail. It also will utilize the Baker Hughes facility in Jubail to provide chemicals needed in the kingdom and expand localization opportunities. Under the terms of the agreement, Baker Hughes will own 51% shares of the JV, while Dussur will own 49%.
“Baker Hughes’ expertise and technology leadership made them the ideal partner in this joint venture,” said Dr. Raed Al-Rayes, CEO, Dussur. “Expanding the role of oilfield chemicals manufacturing in Saudi Arabia is an important link to Dussur’s mission to support the Kingdom’s industrialization journey and localize technologies that will introduce new value chain capabilities. We are looking forward to commencing our work with Baker Hughes to contribute to the security of supply in the region and build local capabilities for the jobs of the future.”
The transaction is expected to be completed in Q3 2022.