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Abdulla Fouad Group (AFG) has bought a number of oil and gas joint ventures, agencies and facilities from the Shoaibi Group (SG) to expand its presence in the Saudi Arabian energy market.
AFG has successfully reached an agreement with the SG to acquire, subject to certain consents and regulatory approvals, a wide ranging portfolio of joint ventures offering products, services and facilities to the Saudi Arabian energy market.
AFG said the portfolio “represents an established local footprint with strong international partners participating in the unprecedented investment and development program currently underway in Saudi Arabia”.
The acquired portfolio consists of companies working in testing and inspection, off-shore support vessels and services, dredging and reclamation, seismic survey, geotechnical services, reservoir analysis and optimisation, exploration and production and oil and gas field equipment and supplies.
As part of the deal, AFG has also acquired a 50,000m2 industrial park located in the second industrial city in Dammam, which serves as a base for the newly added ventures.
AFG chairman Sheikh Abdulla Fouad said: “We have been involved in the O & G sector since our inception, and it gives me great joy to see that our aspiration of increasing our footprint in the sector has materialised.”
A company spokesperson said no further information on the companies and acquisitions would be released until early 2015.
