Page 55 - Baker Hughes REPORT - FEBRUARY 2024
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2/13/24, 3:02 PM Dussur, Baker Hughes Inaugurate Petrolite Chemicals Facility in Saudi Arabia
Saudi Minister of Energy Prince Abdulaziz bin Salman, Minister of
Investment Khalid al-Falih, and Minister of Industry and Mineral
Resources Bandar Alkhorayef attended the inauguration.
Baker Hughes signed the joint venture with Dussur, which is owned by
the Public Investment Fund (PIF), Saudi Aramco, and Saudi Basic
Industries Corporation (SABIC).
The joint venture was announced a year ago, and the Texas-based
oilfield services holds a 51 percent stake in the project.
The facility will be known as the Saudi Petrolite Chemicals facility. It
will increase Saudi Arabia’s supply base targets of raw materials like
solvents and glycols.
It also aims to accelerate the development of manufacturing skills and
capabilities of the local workforce with more than 70% Saudization.
With faster delivery of fit-for-purpose chemical solutions, the facility is
closer to customers and suppliers, creating efficiencies across the
business.
Dussur CEO Raed al-Rayes said the inauguration of the project comes
within Dussur’s efforts to cooperate with its partners for strategic
localization to maximize the developmental and economic impact in the
Kingdom.
“At Dussur, we are proud and appreciative of today’s partnership with
Baker Hughes, which marks a significant milestone. This new project
will provide special, distinguished opportunities for the sons and
daughters of our nation as we target a Saudization rate of more than
70%,” said Rayes.
Baker Hughes CEO Lorenzo Simonelli said: “Today is a testament to
Baker Hughes and Dussur's continued efforts to drive in-country value to
better serve the chemicals market in the Kingdom and across the region.
Aligned to the Kingdom’s vision.”
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