• News & Knowledge
  • 7 December 2021

TAQA Announces Non-Binding Memorandum of Understanding For Joint Venture With Newpark In The Kingdom Of Saudi Arabia

Dhahran, December 7, 2021 – Industrialization and Energy Services Company (“TAQA”), based in Dhahran, Saudi Arabia announced today that it signed a Non-Binding Preliminary Memorandum of Understanding (“MOU”) with Newpark Fluids Systems (“Newpark”), based in Houston, Texas, USA to establish a joint venture in Saudi Arabia to provide oilfield chemicals and other high performance related products and services, including drilling and reservoir (completion) fluids, industrial minerals and related services in Saudi Arabia with further potential future expansion into other strategic territories.

“In line with our 2021 Strategy and the Kingdom’s growing demand for cleaner energy from Unconventional Gas Resources, establishing this joint venture with a world-class drilling and completion fluids technology provider such as Newpark is a milestone in TAQA’s journey to build capabilities and offer competitive, technically sound integrated Lump Sum Turnkey (LSTK) drilling to Saudi Aramco’s growing market.”
TAQA’s Chief Executive Officer, Khalid M. Nouh
“This synergistic joint venture further advances our capabilities and customer focus in the Kingdom of Saudi Arabia. Combining our expertise ensures that our fluids-focused solutions, backed up by our award-winning best-in-class service quality, will meet our customers’ challenges now and into the future.”
Mr. David Paterson, President of the Newpark Fluids Systems operating segment

Newpark will provide technical and other support to the joint venture, with a mandate to increase specialty chemicals research and development as well as manufacturing capabilities in Saudi Arabia, leveraging TAQA’s existing product and service footprint.

About Newpark:

Newpark Resources, Inc. is a geographically diversified supplier providing products, as well as rentals and services to a variety of industries, including oil and gas exploration, electrical transmission & distribution, pipeline, renewable energy, petrochemical, construction, and other industries. For more information, visit our website at www.newpark.com.

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