Following the acquisition of Al Mansouri Petroleum Services Company (AMPS), the Industrialization and Energy Services Company, ‘TAQA,’ has fortified its footprint in Egypt. This strategic move aims to position Egypt as a regional hub and a robust gateway for expansion into the Middle East and Africa, the company said in a statement.
Through this acquisition, which was financed by a capital increase led by the main shareholders, notably the Saudi Public Investment Fund (PIF) owning 54% of TAQA, the company aims to solidify its presence and expand within the Egyptian market. This strategic move involves leveraging the capabilities of 27 Egyptian companies to provide comprehensive well services offered by “TAQA” including drilling, production, exploration, and other services, to serve the petroleum sector in Egypt.
In this context, Khalid M. Nouh, CEO of TAQA, expressed his enthusiasm for the commencement of a new phase in TAQA’s expansion journey across Egypt. He remarked: “TAQA’s acquisition of companies like AlMansoori Petroleum Services, Norwegian Tendeka, American Cougar and Target Oilfield Services, will undoubtedly propel the company to a global scale, fostering continued growth in the services we offer worldwide alongside our clients spanning the Middle East, and Africa. This move aligns perfectly with our strategic objectives of expanding our footprint and increasing our investments.”
“We remain committed to pursuing profitable and sustainable growth to meet our customers’ needs while also delivering maximum shareholder value. Our strategy is built upon three key pillars: driving business growth, achieving excellence through digitization and innovation, and transitioning towards a sustainable future with a focus on environmental and social responsibility. This capital increase will position TAQA as an international company operating across multiple geographical regions,” Nouh added.
For his part, Hossam Abu Seif, Vice President of TAQA in Egypt, said: “TAQA’s acquisition of the foremost companies providing petroleum services in Egypt marks a significant turning point in the entire sector. This transformation is driven by TAQA’s expertise and capabilities, which will bring a positive impact on production through the utilization of cutting-edge technologies and modern equipment, which the company intends to launch in Egyptian well Production & Drilling operations. We are also interested in exploring new opportunities in the fields of renewable energy.”
“TAQA’s commitment extends to maximizing its efforts both in the field and on the administrative front. As we initiate our operations in Egypt, we are committed to providing job opportunities for Egyptian youth to work within our projects here in Egypt. TAQA’s workforce will expand to over 5,000 employees regionally, dedicated to serving a broad and diverse customer base across 20 countries. This expansion will facilitate the formation of a specialized and integrated well services company with a regional and international presence,” Abu Seif elaborated.
Founded in 2003, The Industrialization and Energy Services Company, ‘TAQA,’ is a privately held Saudi joint-stock company with regional Offices in Dhahran, located in the Eastern Province of Saudi Arabia, and Abu Dhabi, located in the United Arab Emirates, providing products and well solutions to its clients around the world.