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Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

TAQA intends to expand well services worldwide (Asharq Al-Awsat)
TAQA intends to expand well services worldwide (Asharq Al-Awsat)
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Saudi TAQA Completes Acquiring 100% of Mansoori Petroleum Services

TAQA intends to expand well services worldwide (Asharq Al-Awsat)
TAQA intends to expand well services worldwide (Asharq Al-Awsat)

The Industrialization and Energy Service Company (TAQA) announced the closure of its 100 percent acquisition of al-Mansoori Petroleum Services, expanding TAQA Well Solutions business internationally.

The acquisition is funded by a capital increase led by TAQA's existing significant shareholders.

The investment brings to TAQA a long-established, well-diversified MENA-based business with a track record of solid performance and longstanding relationships with large Oil & Gas companies in the region.

The combined businesses employ over 5,500 employees, serving a broad and diverse customer base across 20 countries, creating a regional and global integrated Well Solutions business headquartered in Dhahran, Saudi Arabia.

TAQA's Chairman of the Board, Ahmed al-Zahrani, thanked TAQA Shareholders for their trust in TAQA and their commitment to support TAQA's growth journey and progressive plans aligned with Vision 2030.

CEO of TAQA Khalid Nouh asserted that the company is better positioned to continue its journey into profitable growth through the unique opportunity to build upon its combined portfolio, strong business acumen, recognized brand, and quality products and services.

Nouh stated that the focus remains to provide exceptional products and services to the customers while creating the highest value for the shareholders and people.

Established in Saudi Arabia in 2003, TAQA is a Well Solutions company that provides products and services to the energy industry, enabling the performance of its customers.

According to information released, TAQA will continue developing new technologies and solutions that deliver returns and create value for our customers and people.

Last year, TAQA concluded a definitive agreement to acquire Mansoori fully, expanding its Well Services business from Saudi Arabia to the broader Middle East and North Africa region.

Mansoori added complementary products and services to TAQA's portfolio, including early production facilities, well testing, drill stem testing, slickline, marine stimulation vessels, multi-purpose service vessels, inspection services, hydrogen sulfide monitoring and logging, and perforation.

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Investors Weigh Market Risks as Israeli-Iranian Tensions Rise

Traders monitoring the movement of stocks on Wall Street (Reuters)
Traders monitoring the movement of stocks on Wall Street (Reuters)
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Investors Weigh Market Risks as Israeli-Iranian Tensions Rise

Traders monitoring the movement of stocks on Wall Street (Reuters)
Traders monitoring the movement of stocks on Wall Street (Reuters)

As the conflict between Israel and Iran escalates, investors are analyzing several potential market scenarios, especially if the United States deepens its involvement. A key concern is a sharp increase in energy prices, which could amplify economic consequences across global markets.

Rising oil prices could fuel inflation, weaken consumer confidence, and diminish the likelihood of interest rate cuts in the near term. This may prompt initial stock market sell-offs and a flight to the US dollar as a safe-haven asset.

While US crude oil prices have surged by around 10% over the past week, the S&P 500 index has remained relatively stable, following a brief decline after the initial Israeli strikes.

Analysts suggest that if Iranian oil supplies are disrupted, market reactions could intensify significantly. A serious supply disruption would likely ripple through global petroleum markets and push oil prices higher, leading to broader economic consequences.

Oxford Economics has outlined three possible scenarios: a de-escalation of conflict, a full suspension of Iranian oil production, and the closure of the Strait of Hormuz. Each scenario carries escalating risks to global oil prices. In the most severe case, prices could soar to $130 per barrel, pushing US inflation to nearly 6% by year-end. In such a scenario, consumer spending would likely contract due to declining real income, and any possibility of interest rate cuts this year would likely vanish under rising inflationary pressure.

So far, the most direct impact has been felt in oil markets, where Brent crude futures have jumped as much as 18% since June 10, reaching nearly $79 a barrel, the highest level in five months. Volatility expectations in the oil market now exceed those of major asset classes like equities and bonds.

Although equities have largely brushed off the geopolitical turmoil, analysts believe this could change if energy prices continue to climb. Rising oil prices could weigh on corporate earnings and consumer demand, indirectly pressuring stock markets.

While US stocks have held steady for now, further American involvement in the conflict could spark market anxiety. Historical patterns suggest any sell-off might be short-lived. For instance, during the 2003 Iraq invasion, stocks initially dropped but recovered in subsequent months.

As for the US dollar, its performance amid escalating tensions could vary. It may strengthen initially due to safe-haven demand, although past conflicts have sometimes led to long-term weakness, especially during prolonged military engagements.