PHOTO
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.
LONDON: Saudi energy services company TAQA said it would acquire AZR Technologies, a Dhahran-based speciality well company.
The transaction is part of TAQA’s strategy to expand its Oilfield Services capabilities in the Middle East and North Africa region.
It will give the company access to the Kingdom’s SR1 billion-a-year well logging market.
“We decided to further expand the relationship and aggressively invest in AZR to develop a world-class electric wireline company capable of delivering state of the art petrophysical, reservoir, and geological quality data to our customers,” said Jamil Al Naser EVP operations of TAQA.
The acquisition is expected to close in the next six weeks, TAQA said.
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