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PRESSR: “Taqa” strengthens its presence and continues to grow the services it provides to its customers in Egypt as a strategic center for its services
Cairo: The Manufacturing and Energy Services Company “Taqa” has strengthened its presence in Egypt, after its acquisition of Al-Mansouri Petroleum Services Company, an acquisition that would make Egypt one of its main centers and a gateway to expansion in the Middle East and Africa.
Through this acquisition, which was financed through an increase in the company’s capital by the main shareholders, led by the Saudi Investment Fund, which owns 54% of TAQA, TAQA seeks to spread and expand in the Egyptian market through 27 Egyptian companies, and to provide all well solutions that It is provided by “Taqa” to serve the petroleum sector in Egypt, including drilling and prospecting services, among others.
In turn, Khaled Mohamed Nouh, CEO of TAQA, expressed his happiness at the start of a new phase for TAQA on its way to expand across Egypt, saying: “TAQA’s acquisition of Al-Mansouri Petroleum Services Company, Tendaka Well Completion Solutions, Cougar Drilling Services, and Target Well Repair Services, will certainly enable the company to expand and reach... Global and continuing to grow the services it provides to its customers in the Middle East and Africa, which will work to achieve a strategy and increase investments.
Noah emphasized: “We continue our focus on profitable and sustainable growth to meet the needs of our customers while maintaining the highest shareholder value. Our strategy revolves around creating value for shareholders, customers and individuals, based on three pillars: business growth, creating excellence through digitization and innovation, and moving to a sustainable future towards the environment.” Social Affairs and Governance. He noted that the capital increase will enable TAQA to become an international company operating in multiple geographic regions.
In the same context, Hossam Abu Seif, Deputy Executive Director of TAQA in Egypt, said: “TAQA’s acquisition of the most important companies providing petroleum services operating here in Egypt will be a new turning point in the entire sector, because of TAQA’s expertise and capabilities that will positively impact production through modern technologies and modern equipment.” Which the company intends to launch in Egyptian wells. He pointed out that the company is also interested in exploring new opportunities in the fields of renewable energy.
Abu Seif explained: “The company seeks to develop and modernize all its work at the field and administrative levels, and in parallel with the launch of the company’s actual work in Egypt, the number of TAQA employees will reach more than 5,000 regional employees, serving a large and diverse customer base in more than 20 countries, which It will lead to the formation of a specialized and integrated company in well services regionally and internationally.” He stressed that the company seeks to provide a number of jobs for Egyptian youth to work within its projects here in Egypt.
It should be noted that the Energy Manufacturing and Services Company “TAQA” was established in 2003 AD, and it is a closed Saudi joint stock company. Its regional offices are in the city of Dhahran in the Kingdom of Saudi Arabia and the city of Abu Dhabi in the United Arab Emirates, and it provides well products and solutions to its customers around the world.
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