Dhahran, Kingdom of Saudi Arabia – 29 July 2021: The Industrialization and Energy Services Company (“TAQA”) announced today the completion of the sale of its stake in Jubail Energy Services Company (“JESCO”) to ArcelorMittal Tubular Products Jubail (“AMTPJ”), which has bought the remaining shares and now owns 100% of JESCO.
TAQA continues to expand its oilfield service offerings to Saudi Aramco and other customers in the MENA region. Starting with the acquisition of Sanjel Energy Services in 2017, followed by Cougar Drilling Solutions in 2019 and AZR Technologies in 2020, TAQA continues to build its capabilities focused on becoming a trusted partner to all Oil & Gas companies in the MENA region.
Founded in 2003, TAQA seeks to become the region’s own Oil Field Services and Equipment (“OFSE”) leader, delivering key well services from drilling through to completion, by increasing capacity, building capabilities and expanding into higher tier services. As a key supporter of the Kingdom’s Vision 2030, TAQA is a catalyst for economic growth and diversification, expanding Saudi Arabia’s industrial base and local manufacturing capabilities, creating jobs and facilitating the growth and development of a pool of local talent in the OFSE sector.
Founded in 2006, JESCO is a pioneer in the Middle East production of seamless tubes, established in Saudi Arabia as part of the strategic industrialization path set by the Kingdom. The company is part of a critical strategic industry supplying the Oil & Gas sector and started its commercial operations in 2010 to offer a local solution to National Oil Companies in the GCC and to export. The company operates a manufacturing plant in Jubail which can produce up to 400,000 tons of seamless tubes per year in three main product segments: OCTG, Line Pipe and Structural Tubes.