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.



Saudi Govt Discusses Efforts to Bolster Global Economic Growth

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting in Jeddah on Tuesday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting in Jeddah on Tuesday. (SPA)
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Saudi Govt Discusses Efforts to Bolster Global Economic Growth

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting in Jeddah on Tuesday. (SPA)
Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chairs the cabinet meeting in Jeddah on Tuesday. (SPA)

The Saudi government reviewed on Tuesday the Kingdom's ongoing efforts and contributions at the international level to support multilateral action and bolster global economic growth. This includes continued cooperation and coordination with producers within the OPEC+ group to maintain stability in oil markets.

Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, chaired the cabinet meeting that was held in Jeddah on Tuesday.

He briefed the cabinet on the discussions he held with Indonesian President Prabowo Subianto and the telephone call he received from German Chancellor Friedrich Merz.

The cabinet praised the outcomes of the first meeting of the Saudi-Indonesian Supreme Coordination Council, which reflected the strength of bilateral relations and the mutual keenness to elevate them to broader horizons.

It welcomed the signing of agreements and memoranda of understanding (MoUs) between private-sector entities in both countries, covering clean energy, petrochemical industries, and aviation fuel services, contributing to the shared ambition of establishing an advanced economic partnership.

The cabinet welcomed the Kingdom's hosting of the 21st general conference of the United Nations Industrial Development Organization (UNIDO), scheduled to be held in Riyadh in November. The conference aims to develop joint solutions to challenges related to sustainable industrialization, innovation, and technological transformation.

Moreover, the cabinet praised the unanimous adoption by the United Nations Human Rights Council (UNHRC) of a resolution submitted by Saudi Arabia to protect children in the digital space, stemming from the “Child Protection in Cyberspace” global initiative launched by the Crown Prince.

The move reinforces the initiative's international goals and reflects the Kingdom’s vision through practical steps toward a safe and inclusive digital environment for this age group.

The cabinet highlighted Saudi Arabia's continued ranking in the top position in the IMD World Competitiveness Yearbook’s cybersecurity indicator for 2025, noting that the achievement adds to the series of successes the sector has accomplished in record time across various international levels. It noted the sector’s successes in supporting technological prosperity, localization of priority technologies, and enhancement of international cooperation.

Additionally, Saudi Arabia ranked first globally in the ICT Development Index 2025 issued by the UN International Telecommunication Union (ITU). The achievement confirms the robustness of the Kingdom’s smart digital infrastructure, its attractive investment environment, and the growth of its local digital economy, which has reached SAR495 billion.

The cabinet hailed ongoing successes in combating drug trafficking, including the arrest of criminal networks involved in the trafficking of narcotics and psychotropic substances in Saudi Arabia. It underscored the continuous security and preventive efforts aimed at protecting the community from this serious issue.