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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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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
TT
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.