TAQA buys 25% stake in oilfield chemicals firm OPT

Headquartered in Houston, OPT is a fast-growing oilfield chemicals company focusing on providing specialty chemicals for well construction and stimulation.
Short Url
Updated 15 November 2020

TAQA buys 25% stake in oilfield chemicals firm OPT

Saudi Arabia’s Industrialization and Energy Services Company (TAQA) announced that it has agreed to acquire a 25 percent stake in OPT Petroleum Technologies Company Limited. Headquartered in Houston, with a presence in China, Southeast Asia, and the UAE, OPT is a fast-growing oilfield chemicals company focusing on providing specialty chemicals for well construction and stimulation. 

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. Inspired by Saudi Aramco IKTVA program and aligned with TAQA’s corporate strategy, an investment of more than SR10 million ($2.7 million) in OPT will build a local chemical research, engineering, and manufacturing facility in Dhahran, with a mandate to introduce new engineering solutions, create more jobs and promote local content of product and chemical research and development in the Kingdom.

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.”

Nouh added: “The local OPT Research, Engineering and Manufacturing Facility in Dhahran will expand the Kingdom’s chemical footprint and enable entry into specialty chemicals to address oil and gas well performance and integrity. We at TAQA are very proud of this milestone and look forward to continuing leading the way as a true local champion in oilfield services and equipment.” 

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.”

He added: “We have been an industry leader in developing and servicing oilfield chemical technologies globally, and this collaboration will further allow us to manufacture chemicals locally in Saudi Arabia and will be able to support the IKTVA initiative. This unique opportunity will allow us to expand to other business lines and come one step closer to Saudi Aramco and other clients operating in the Middle East and Asia.”

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.

Established in 2003, TAQA is collectively owned by the Kingdom’s Public Investment Fund and a host of prominent Saudi joint-stock companies and institutional investors.


Ritz-Carlton, Riyadh celebrates Global Customer Appreciation Week

Updated 29 November 2020

Ritz-Carlton, Riyadh celebrates Global Customer Appreciation Week

  • Team members representing each department participated in a citywide series of sales calls, and visual and hybrid meetings

The Ritz-Carlton, Riyadh celebrated the Global Customer Appreciation Week with an event giving the men and women of the hotel a unique opportunity to show their appreciation for the support and continued patronage of the property by the top international and local clientele. 

Team members representing each department participated in a citywide series of sales calls, and visual and hybrid meetings, highlighting the Ritz-Carlton service directly to client offices and local associations.

The sales team expressed their appreciation by surprising their clients with luxurious boxes of handcrafted oriental sweets and travel kits given personally to their offices. The Ritz-Carlton, Riyadh then wrapped up the week with a creative digital invitation, dedicated to their contacts and bookers to the hotel, for a gala dinner experience of its famous Seafood Night at the award-winning venue, Al-Orjouan Restaurant.

“This is an exciting week for the Marriott Family, as we celebrate the Global Customer Appreciation Week. We truly missed our loyal guests and partners and this is an exciting opportunity to regather after the tough situations caused by the global pandemic. As always, we pledge to provide the finest personal services and facilities for our guests to enjoy the warm, relaxed yet refined ambiance at The Ritz-Carlton, Riyadh,” said Mohammed Marghalani, general manager of The Ritz-Carlton, Riyadh.

Located within 52 acres of luxuriantly landscaped gardens, the hotel offers 493 rooms and suites, 5,800 square meters of meeting and event space, and numerous onsite fine-dining options. It is prominently situated next to the Diplomatic Quarter and adjacent to the King Abdul Aziz Convention Center, one of the largest in the region and host to international summits and conferences.