Saudi TAQA Acquires AZR Technologies

Saudi TAQA Acquires AZR Technologies
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Saudi TAQA Acquires AZR Technologies

Saudi TAQA Acquires AZR Technologies

Saudi Arabia's Industrialization and Energy Services Company (TAQA) announced on Thursday that it would acquire AZR Technologies, a Dhahran-based Electric Wireline Well Logging Company.

The transaction is part of TAQA's strategy to expand its Oilfield Services capabilities in the Middle East and North Africa region.

By acquiring AZR Technologies, TAQA Oilfield Services and Equipment (TAQA-OFSE) (a subsidiary of TAQA) will deliver petrophysical, reservoir, and geological data critical to well performance and reservoir evaluation in both rig and rigless operations. It will also expand its intervention capabilities by offering bundled wireline services and coiled tubing conveyance for well diagnostics, repair, and remediation solutions.

This strategic acquisition of AZR Technologies will allow TAQA OFSE access to the Electric Wireline well logging market that is valued at more than 1.5B SAR per year in the Kingdom of Saudi Arabia.

Commenting on the acquisition, Jamil Al-Naser EVP Operations of TAQA, said the acquisition meets the company's corporate strategy and is fully aligned with the Kingdom's Vision 2030.

Al- Naser added: "Our relationship with AZR started as a local supplier of Electric Wireline to our Coiled Tubing operations, driven by the Saudi Aramco IKTVA program and TAQA's commitment to national suppliers' development. We decided to further expand the relationship and aggressively invest in AZR to develop a world-class Electric Wireline company capable of delivering state of the art petrophysical, reservoir, and geological quality data to our customers. With AZR acquisition and aggressive investment plan, we will continue to focus on creating, sustaining, and realizing value across our entire portfolio. Our investment plans are open to identify and pursue profitable growth opportunities bringing differentiation to our customers and utmost shareholders' value."

The acquisition is expected to close in the next six weeks, after which AZR will start full integration into TAQA-OFSE operations benefiting from further synergies and a more robust support structure.

Established in 2003, TAQA is collectively owned by the Kingdom's Public Investment Fund (PIF) and a host of prominent Saudi joint-stock companies and institutional investors. The company has a rich portfolio of fully-owned companies, subsidiaries, and affiliates established in joint ventures with global leaders across several oilfield equipment and services markets focusing on four core businesses: Contract drilling, Oil Country Tubular Goods (OCTG) manufacturing, geophysical mapping, and TAQA's wholly-owned Oilfield Services and Equipment.



Iran Signals Readiness to Expand Economic, Cultural Ties with Saudi Arabia

Saudi Crown Prince meets Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday — SPA
Saudi Crown Prince meets Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday — SPA
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Iran Signals Readiness to Expand Economic, Cultural Ties with Saudi Arabia

Saudi Crown Prince meets Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday — SPA
Saudi Crown Prince meets Iranian Foreign Minister Abbas Araghchi in Jeddah on Tuesday — SPA

Iran’s ambassador to Saudi Arabia, Alireza Enayati, described Iranian Foreign Minister Abbas Araghchi’s recent visit to Riyadh as a clear sign on Tehran’s willingness to deepen economic and cultural relations with the kingdom.

Speaking to Asharq Al-Awsat, Enayati said Tuesday’s visit focused on reviewing bilateral ties and cooperation between Saudi Arabia and Iran. He emphasized Tehran’s commitment to strengthening relations with Riyadh and neighboring countries based on good neighborliness and shared interests.

During the visit, Araghchi held a series of high-level meetings with key Saudi officials, including Crown Prince and Prime Minister Mohammed bin Salman, Defense Minister Prince Khalid bin Salman, and Foreign Minister Prince Faisal bin Farhan.

Enayati said Iran is ready to broaden cooperation with Saudi Arabia across economic, trade, and cultural sectors. He highlighted that the Crown Prince expressed satisfaction with the growing understanding and collaboration between the two leading Muslim nations.

The ambassador, who attended the meetings, added that the Crown Prince reaffirmed Saudi Arabia’s determination to continue advancing this path and develop relations in all fields.

Enayati also recalled Saudi Arabia’s condemnation of military aggression against Iran’s territorial integrity and sovereignty.

He said the Crown Prince stressed that regional security and stability depend on cooperation and understanding among countries in the region. This includes leveraging all capabilities to prevent escalation and insecurity and prioritizing diplomatic tools to resolve disputes, according to Iran’s envoy.

Saudi Crown Prince Mohammed bin Salman expressed hope that the recently agreed ceasefire will help foster security and stability across the region, Saudi state news agency SPA reported.

During a reception for Araghchi in Jeddah, the Crown Prince reaffirmed Riyadh’s support for resolving disputes through diplomatic dialogue, describing it as the best path to lasting peace.

Araghchi thanked Saudi Arabia for its condemnation of Israeli aggression and praised the Crown Prince’s efforts to bolster regional security and stability.

Enayati conveyed Araghchi’s praise for “fruitful” security and defense consultations between the two countries.

Enayati described a recent visit to Tehran by Saudi Defense Minister Prince Khalid bin Salman as “highly significant and effective in advancing cooperation to strengthen regional security and stability.”

He added that Prince Khalid firmly condemned Israeli military aggression against Iran and extended condolences for the deaths of Iranian military and civilian figures in the attacks, according to the Iranian ambassador.

Prince Khalid took to X to outline the scope of his recent talks with Araghchi, emphasizing bilateral cooperation and regional security.

On his part, Enayati told Asharq Al-Awsat that Araghchi expressed gratitude to the Saudi government for its “valuable assistance” in facilitating the return of Iranian pilgrims amid disruptions caused by Israeli military aggression against Iran.

Enayati also relayed comments from Araghchi attributing recent Israeli attacks to what he described as the “impunity” enjoyed by the Israeli regime for its crimes against the Palestinian people and ongoing aggression toward other regional states.

The Iranian foreign minister strongly condemned the continued killing and displacement of Palestinians and the ongoing occupation.

He further denounced Israel’s repeated strikes against Lebanon and Syria, condemning the United Nations Security Council’s “silence and inaction,” which he described as a key factor in regional insecurity.