Page 50 - Baker Hughes REPORT - FEBRUARY 2024
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2/13/24, 3:02 PM PIF-backed Dussur, Baker Hughes open chemicals and industrial materials facility in Jubail
The joint venture between the Public Investment Fund-backed Dussur and the
Texas-based oileld services provider was announced a year ago. Baker Hughes
ho lds a 51 percent stake in the project.
Raed Al-Rayes, CEO of Dussur, said: “The establishment of the Saudi Petrolite
Che micals facility will boost the development of the Kingdom.”
He added tha t “thi s new project will provide distinctive career opportunities for
the sons and daught ers of the nation, where we target a nationalization rate of
over 70 percent.”
Lor enzo Simonelli, cha irman and CEO of Baker Hughes, said: “It is a testament
to Baker Hughe s and Dussur’s ongoing eorts to enhance local value to better
serve the che micals market in the Kingdom and across the region, and in line
with the Kingdom's Vision 2030.”
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