Riyadh – Mubasher: The Industrialization and Energy Services Company (TAQA) signed an agreement to sell its 72% stake in Jubail Energy Services Company (JESCO) to ArcelorMittal Tubular Products Jubail (AMTPJ).
The completion of the transaction, which is part of AMPTJ’s proposed acquisition of 100% of JESCO, is subject to certain closing conditions, according to a recent press release.
The Jubail-based JESCO is a pioneer of the Middle Eastern seamless tubes manufacturing industry, founded as part of the strategic industrialisation path set by Saudi Arabia.
TAQA’s CEO and JESCO’s chairman, Khalid Nouh, said, “TAQA’s proposed sale of its stake in JESCO represents another significant step in delivering on TAQA’s corporate strategy, fully aligned with the kingdom’s ambitions and objectives… Looking ahead, TAQA will continue to focus its efforts on expanding into technology-driven oil field services and equipment.”
TAQA is a Saudi joint-stock company with the Public Investment Fund owning 45.70% and the remaining 54.21% owned collectively by government agencies, joint-stock companies, and several private and industrial investors representing a cross-section of the Saudi industrial community.
