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Saudi Arabia’s TAQA Expands Oilfield Chemicals Capabilities

Saudi Arabia’s TAQA Expands Oilfield Chemicals Capabilities
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Saudi Arabia’s TAQA Expands Oilfield Chemicals Capabilities

Saudi Arabia’s TAQA Expands Oilfield Chemicals Capabilities

Saudi Industrialization and Energy Services Company (TAQA) announced that it has agreed to acquire a stake in OPT Petroleum Technologies Company which is headquartered in US's Houston.

TAQA’s strategic partnership with OPT secures access to world-class specialty chemicals and products, which comprise a key component of the success and differentiation of TAQA’s services.

In an investment of more than SAR10 million, OPT will build local chemical research, engineering, and manufacturing facility in Dhahran.

This aims to introduce new engineering solutions, create more jobs and promote local content of products and chemicals research and development (R&D) in Saudi Arabia.

For his part, Khalid Nouh, TAQA Chief Executive said: “Our Operations Chemicals Laboratories in Dammam 2nd Industrial City is a testament to TAQA’s growth strategy in chemical operations, and partnering with OPT will further cement our capabilities into oilfield chemicals research, engineering, and manufacturing, supporting TAQA’s technology development ambitions.”

Meanwhile, Zhijun Xiao, CEO of OPT, said: “We are pleased with the partnership with TAQA, which will facilitate OPT to come in full force in the Kingdom to support our clients with chemical products, technologies, and services."

The combination of TAQA and OPT resources will facilitate an increased service offering for customers and bring international technology developers to establish a presence in the Kingdom, in line with Saudi Arabia’s Vision 2030.

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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
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Inflation Rose to 2.3% in Europe. That Won't Stop the Central Bank from Cutting Interest Rates

A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq
A view shows the Bercy Economy and Finance Ministry as a metro operated by the Paris transport network RATP passes over the Pont de Bercy bridge in Paris, France, November 28, 2024. REUTERS/Stephanie Lecocq

Inflation in the 20 countries that use the euro currency rose in November — but that likely won’t stop the European Central Bank from cutting interest rates as the prospect of new US tariffs from the incoming Trump administration adds to the gloom over weak growth.
The European Union’s harmonized index of consumer prices stood up 2.3% in the year to November, up from 2.0% in October, the EU statistics agency Eurostat reported Friday.
Energy prices fell 1.9% from a year ago, but that was offset by price increases of 3.9% in the services sector, a broad category including haircuts, medical treatment, hotels and restaurants, and sports and entertainment, The Associated Press reported.
Inflation has come down a long way from the peak of 10.6% in October 2022 as the ECB quickly raised rates to cool off price rises. It then started cutting them in June as worries about growth came into sharper focus.
High central bank benchmark rates combat inflation by influencing borrowing costs throughout the economy. Higher rates make buying things on credit — whether a car, a house or a new factory — more expensive and thus reduce demand for goods and take pressure off prices. However, higher rates can also dampen growth.
Growth worries got new emphasis after surveys of purchasing managers compiled by S&P Global showed the eurozone economy was contracting in October. On top of that come concerns about how US trade policy under incoming President Donald Trump, including possible new tariffs, or import taxes on imported goods, might affect Europe’s export-dependent economy. Trump takes office Jan. 20.
The eurozone’s economic output is expected to grow 0.8% for all of this year and 1.3% next year, according to the European Commission’s most recent forecast.
All that has meant the discussion about the Dec. 12 ECB meeting has focused not on whether the Frankfurt-based bank’s rate council will cut rates, but by how much. Market discussion has included the possibility of a larger than usual half-point cut in the benchmark rate, currently 3.25%.
Inflation in Germany, the eurozone’s largest economy, held steady at 2.4%. That “will strengthen opposition against a 50 basis point cut,” said Carsten Brzeski, global chief of macro at ING bank, using financial jargon for a half-percentage-point cut.
The ECB sets interest rate policy for the European Union member countries that have joined the euro currency.