Doha: The Arab Petroleum Investments Corporation (Apicorp), the multilateral development bank owned by the Organisation of Arab Petroleum Exporting Countries (Oapec), yesterday announced that it has acquired a 5.62 percent equity stake in Saudi-based The Industrialization and Energy Services Company (Taqa) from Arabian Pipes Company (APC). The government of Qatar owns a 10 percent stake in Apicorp.
Apicorp is now the joint third largest shareholder in the company with over 11.2 million shares. A closed joint stock company established in 2003 as part of Saudi Arabia’s privatisation strategy, Taqa is owned 45 percent by the Saudi Government, with the reminder owned by several institutional, private and industrial investors, a press release issued by Apicorp said yesterday.
Ahmad bin Hamad Al Nuaimi, Apicorp’s CEO and GM said: “The Taqa equity acquisition is a perfect fit for our investment strategy. It is consistent with our commitment to supporting prominent Arab energy companies that show significant growth and value-creation potential. At the same time, it dovetails well into our objective of diversifying into sectors that provide vital support services for the hydrocarbon industry. Taqa has achieved robust growth over the last decade and its development has also brought tangible economic benefits, one of them being transfer of know-how. As part of our mandate, we are keen to invest in companies like Taqa, which play a crucial role in helping Arab countries maximize efficiencies in the energy value chain. As the company gears to expand its operations, we look forward to supporting its growth along with other key shareholders.”
Joint ventures in which Taqa is a majority shareholder include Arab Drilling Company (ADC), one of Saudi Arabia’s largest drilling companies, established in alliance with Schlumberger; Arabian Geophysical & Surveying Company (Argas) formed in partnership with CGG Veritas; and Al Jubail Energy Services Company (Jesco), the GCC region’s first seamless pipes manufacturing company.
The Peninsula
