Saudi Arabia’s TAQA buys 25% stake in oilfield chemicals firm OPT

SectorOil & Gas
CountrySaudi Arabia

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced that it has agreed to acquire a 25 percent stake in OPT Petroleum Technologies Company Limited.Headquartered in Houston, with a presence in China, Southeast Asia, and the UAE, OPT is a fast-growing oilfield chemicals company focusing on providing specialty chemicals for well construction and stimulation.TAQA’s strategic partnership with OPT secures access to world-class specialty chemicals and products, which comprise a key component of the success and differentiation of TAQA’s services. Inspired by Saudi Aramco IKTVA program and aligned with TAQA’s corporate strategy, an investment of more than SR10 million ($2.7 million) in OPT will build a local chemical research, engineering, and manufacturing facility in Dhahran, with a mandate to introduce new engineering solutions, create more jobs and promote local content of more...