Faisal Al Shoaibi, Director of Saudi Arabian oilfield services company the Shoaibi Group, has said that the company is looking forward to working with Algerian state-owned energy giant Sonatrach.
Speaking exclusively to ArabianOilandGas.com, Al Shoaibi said that the four contracts the company was recently awarded in the North African state were part of ambitious expansion plans that run across the North African and Middle East (MENA) region.
“We are honoured to have Sonatrach as a client and we are definitely looking forward to working with them,” AL Shoaibi said.
“They are very enthusiastic to look at new technologies that will benefit Sonatrach and Algeria in the long run,” he added.
Al Shoaibi also said that he was confident his company would experience growth in 2009 despite the current global financial slowdown and the low oil prices.
“The current climate has, of course, affected us as we are very dependent on expenditures by the major oil companies. We have taken the opportunity, however, to expand our geographical scope outside of Saudi Arabia into Egypt and Algeria,” Al Shoaibi said.
“We have also concentrated our efforts on providing oil companies with new technologies in the oilfield services sector that optimise their reservoirs and save them money in the long term.”
“The strategy of the Shoaibi Group is to take an equity shareholding in these new technology companies and assist them operationally in the Middle East.”
The family-run business has been in operation for over 30 years and boasts a number of high profile joint venture partners, such as Halliburton and J. Ray McDermott.
The Shoaibi Group also announced recently that it had formed a new company, Chemical Development Company, in which the Shoaibi Group and the Olayan Group are the largest shareholders.
