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Quorum Oil and Gas Technology Fund Limited, a registered Guernsey investment company listed on the London Stock Exchange, has announced to the London Stock Exchange that Q-MENA, the Q-OGT investee company dedicated to developing a sales and stand-alone oil services business in the Middle East and North Africa region, has begun proceedings to form a 50/50 joint venture with the Khalid Ali Alturki & Sons (“Alturki”) in Saudi Arabia, with each party contributing up to an initial US$5 million to the joint venture.
Saudi Arabia has the largest market for oil services with over US$40 billion of contracts let in the last three months alone. Established over 30 years ago, Alturki is one of largest industrial groups in the region and has joint ventures already established with major oil and gas services companies including Halliburton Wireline, Nabors International and McDermott. These existing relationships, coupled with Alturki’s established presence and proven track record of successful business development in the region, means that Alturki is uniquely positioned to help Q-MENA develop its own regional presence.
“Q-MENA’s proprietary technologies have significant sales potential in the Saudi market,” said Miles Walker, CEO of Q-MENA, commenting on the letter of intent. “The efficient and effective development of this market is therefore extremely important to Q-MENA and we are very pleased to have such a distinguished Saudi partner to help accelerate this process.”
Miles Walker has worked for major oil and gas service companies including Baker Hughes INTEQ and Precision Energy Services in the North Sea, Middle East and Asia/Pacific regions. More recently Miles was working for Weatherford International where he was the Director of Global Business Development for the Drilling Services division based in Dubai.
Muhammad Al-Ismail, VP Oil & Gas Sector for the Alturki group said, “We are truly excited to join forces with Q-MENA to introduce the next generation of technology to the Saudi market which we know so well”.
Wanda Dorosz, CEO of the Quorum group of companies, said: “This tie up with Alturki is an extremely significant step for Q-MENA as we continue to build our presence in this strategically important region. We look forward to working with them in the future.”
