Baker Hughes and Dussur team up for chemical project in Saudi Arabia

A Baker Hughes sign is displayed outside the oil logistics company’s local office in Sherwood Park near Edmonton, Alberta, Canada November 13, 2016. REUTERS/Chris Helgren

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March 29 (Reuters) – Baker Hughes and Saudi Arabia‘s state-owned Dussur have agreed to form a joint venture focused on providing oil services and industrial chemicals in the country, the companies said on Tuesday.

Texas-based oil services provider Baker Hughes will own 51% of the joint venture under the deal, which is expected to close in the third quarter.

Dussur, or Saudi Arabian Industrial Investments Company, is owned by the country’s sovereign wealth fund (PIF), oil company Saudi Aramco and SABIC, the world’s fourth largest petrochemical company.

The joint venture will continue to operate under the Baker Hughes brand and its manufacturing facility in the city of Jubail will supply chemicals focused on Saudi Arabia‘s needs.

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.

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Reporting by Rithika Krishna in Bengaluru; Editing by Devika Syamnath

Our standards: The Thomson Reuters Trust Principles.

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