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The oilfield services company Foster Wheeler has announced that it has signed a joint venture agreement (JVA) with A. Al-Saihati, A. Fattani and O. Al-Othman Consulting Engineering Company (SOFCON) in the KSA.
In a statement released on the company’s website Foster Wheeler said that a subsidiary of its Global Engineering and Construction Group singed the JVA and the company will be known as Foster Wheeler SOFCON Consulting Engineering Company.
“It is our goal to make Foster Wheeler SOFCON the leading full-service engineering and project management provider in Saudi Arabia,” Ala’a Fattani, president and chief executive officer, SOFCON, said.
“The new entity will bring an enhanced value proposition in the development of the local economy and capabilities,” he added.
The statement also added that the joint venture will become a regional engineering hub and will be based in the city of Al-Khobar in the KSA.
The full terms of the agreement were not disclosed.
