Page 40 - Baker Hughes REPORT - FEBRUARY 2024

2/13/24, 3:01 PM Saudi Arabia: Baker Hughes, Dussur Inaugurate Petrolite Chemicals’ Facility in Jubail - Oil & Gas Middle East
materials, and storage tanks. The joint venture announced a year ago, is backed by the
Public Investment Fund, with Baker Hughes holding a 51 percent stake in the project.

Speaking on the project, Raed Al-Rayes, CEO of Dussur, said “The establishment of the
Saudi Petrolite Chemicals facility will boost the development of the Kingdom. This new

project will provide distinctive career opportunities for the sons and daughters of the nation,
where we target a nationalization rate of over 70 per cent.”

Lorenzo Simonelli, chairman and CEO of Baker Hughes, said, “It is a testament to Baker
Hughes and Dussur’s 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.”

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