Baker Hughes and Dussur sign agreement to form a chemicals joint venture in Saudi Arabia

Baker Hughes and Dussur sign agreement to form a chemicals joint venture in Saudi Arabia

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Localization opportunities to increase local raw materials and support local workforce development

Riyadh, Saudi Arabia: Baker Hughes (NASDAQ: BKR) and Dussur, owned by the Saudi Arabian Public Investment Fund (PIF), Saudi Aramco and SABIC (Saudi Basic Industries Corporation), have signed an agreement to form a joint venture company (JV) focused on providing oilfield and industrial chemicals in The Kingdom of Saudi Arabia (KSA).

The JV supports Baker Hughes’ efforts to better serve the chemical market in the region and includes the company’s existing chemical blend plant in Dammam and manufacturing facility in Jubail. The JV brings Baker Hughes closer to customers and suppliers, creating efficiencies including lower operating expenses and locally sourced raw materials.

“This partnership is directly aligned to our broader strategy to invest for growth and leverage our existing strengths while exploring new business models to better serve our customers and the regions in which we operate,” said Maria Claudia Borras, executive vice president of oilfield services at Baker Hughes. “Baker Hughes and Dussur share a commitment to exceeding customers’ expectations, making this JV a natural fit and one that we are proud to announce today.”

As part of the JV, Baker Hughes’ manufacturing facility in Jubail will directly support chemicals focused