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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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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)

Syria will be fully reconnected to the SWIFT international payment system "in a matter of weeks" after more than a decade of sanctions, central bank governor Abdelkader Husrieh told the Financial Times in an interview published on Monday.

We “aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial," Husrieh said. “While significant progress has been made, there’s still much work ahead.”

Interim President Ahmed al-Sharaa received a major boost last month when US President Donald Trump unexpectedly lifted sanctions.

While that was a welcome step, “a full policy shift is still needed”, said Husrieh, who began his new job in April. “So far, we’ve only seen license issuance and selective sanctions removal. Implementation must be comprehensive, not ad hoc.”

According to the Financial Times, Husrieh has been working with the finance ministry on “a six to 12 month stabilization plan.” This involves reforming banking laws and the central bank, and overhauling social security and housing financing to encourage Syrians in the diaspora to invest in the country, among other initiatives.

Husrieh wants to end the Assad regime’s interventionist legacy, and restore lending capabilities, transparency and trust.

“The central bank previously micromanaged the financial system, over-regulated lending, and restricted deposit withdrawals,” he said. “We aim to reform the sector through recapitalization, deregulation and by re-establishing their role as financial intermediaries between households and businesses.”

SWIFT’s return will help encourage foreign trade, cut import costs and facilitate exports, he said. It would also bring much-needed foreign currency into the country, strengthen anti-money laundering efforts and ease the dependence on informal financial networks for cross-border trade.

“The plan is for all foreign trade to now be routed through the formal banking sector,” Husrieh said, thereby eradicating the role of money changers who would charge 40 cents of every dollar that came into Syria. He said banks and the central bank have been assigned Swift codes, and the “remaining step is for correspondent banks to resume processing transfers.”

Foreign investment will also be shored up by guarantees, he said. While the public banking sector is already fully backed by the government, Husrieh is looking to establish a state institution to guarantee private banks’ deposits.