RIYADH: The 黑料社区n Industrial Investments Co., known as Dussur, in collaboration with Bakers Hughes, launched an oilfield services and industrial chemicals factory in Jubail on Sunday.
The Saudi Petrolite Chemicals factory aims to increase the Kingdom鈥檚 supply base of raw materials such as solvents and glycols. It also aims to accelerate the development of the skills and capabilities of Saudi human cadres in manufacturing, whereby contributing to the increase in localization rate, as well as the rapid delivery of chemical solutions.
The opening ceremony took place in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman, Investment Minister Khalid Al-Falih and Minister of Industry and Mineral Resources Bandar Alkhorayef.
The facility, spanning an area of approximately 90,000 sq. m, has an on-site quality control laboratory, ethylene oxide and propylene oxide pipeline feeding materials, and 14 storage tanks.
The joint venture between the Public Investment Fund-backed Dussur and the Texas-based oilfield services provider was announced a year ago. Baker Hughes holds a 51 percent stake in the project.
Raed Al-Rayes, CEO of Dussur, said: 鈥淭he establishment of the Saudi Petrolite Chemicals facility will boost the development of the Kingdom.鈥
He added that 鈥渢his new project will provide distinctive career opportunities for the sons and daughters of the nation, where we target a nationalization rate of over 70 percent.鈥
Lorenzo Simonelli, chairman and CEO of Baker Hughes, said: 鈥淚t is a testament to Baker Hughes and Dussur鈥檚 ongoing efforts to enhance local value to better serve the chemicals market in the Kingdom and across the region, and in line with the Kingdom's Vision 2030.鈥
