A Baker Hughes engineer mixes chemicals in a testing laboratory. (Source: Baker Hughes)
Baker Hughes and Saudi Arabia's state-owned Dussur will form a joint venture focused on providing oilfield services and industrial chemicals in the country, the companies said on March 29.
Texas-based oilfield services provider Baker Hughes will hold 51% of the joint venture under the agreement that is expected to close in the third quarter.
Dussur, or Saudi Arabian Industrial Investments Company, is owned by the nation's sovereign wealth fund (PIF), oil company Saudi Aramco and SABIC, the world's fourth-biggest petrochemicals firm.
The joint venture will continue to operate under the Baker Hughes brand, and its manufacturing facility in Jubail City will supply chemicals focused on the needs of Saudi Arabia.
In 2020, Baker Hughes formed a joint venture called Novel with Saudi Aramco to develop non-metallic products for multiple applications in the energy sector.
Recommended Reading
Grey Rock Agrees to $1.3 Billion Business Combination with Paul Ryan-backed SPAC
2022-05-16 - Grey Rock will contribute oil and gas assets in the Permian Basin, Bakken, Eagle Ford Shale, D-J Basin and Haynesville Shale plays to form Granite Ridge Resources.
Continental Resources Enters Carbon Capture Space with $250 Million Investment
2022-03-02 - Continental Resources agreed to commit $250 million to Summit Carbon Solutions as part of a strategic investment in the construction of the largest carbon capture and sequestration project of its kind in the world.
PDC Energy Adds Inventory with $1.3 Billion Core Wattenberg Acquisition
2022-02-28 - The acquisition of Great Western Petroleum, a privately held D-J Basin operator owned by affiliates of EIG, TPG Energy Solutions LP and The Broe Group, boosts PDC Energy’s D-J Basin position to roughly 230,000 net acres.
Petro-Hunt Acquires Delaware Basin Assets from Admiral Permian Resources
2022-03-10 - Petro-Hunt completed the acquisition of predominantly operated oil and gas production and 21,430 net acres of leasehold in the Delaware Basin from Admiral Permian Resources, according to a recent company release.
Whiting, Oasis Petroleum to Combine in $6 Billion ‘Merger of Equals’
2022-03-07 - The combined company, to be led by Oasis CEO Danny Brown, will operate a premier Williston Basin position under a new name.