Shoaibi, FMC in oil and gas venture
Al Khobar, June 16, 2009
Shoaibi Group (SG), a leading Saudi energy and IT enterprise, and FMC Petroleum Equipment (Malaysia) have launched a joint venture which offers oil operators equipment and services for oil and gas exploration, development and production.
FMC Petroleum Equipment (Malaysia) is a wholly owned subsidiary of US-based FMC Technologies, leading global provider of technology solutions for the energy industry.
Called FMC Technologies Saudi Arabia, the joint venture based in Al Khobar will manufacture surface wellhead equipment meeting API standards as well as FMC’s rigorous global quality standards in Saudi Arabia.
It is expected to benefit significantly from Shoaibi Group’s strong operations and market expertise across Saudi Arabia.
“This represents a significant milestone in becoming more responsive to Saudi Aramco and to our ever-expanding customer base,” said Don Underwood, general manager of Asia Pacific Middle East for FMC Technologies. “It is consistent with our commitment to sustainable development in Saudi Arabia.”
Khaled Suhayl Al Shoaibi, director of Shoaibi Group, said: “We are honoured to extend our business venture with FMC Technologies into local manufacturing, and trust our partnership will achieve excellent results.”
“FMC Technologies, as a world leader in technology solutions for the energy industry, fuses well with our strategy to bring technology to the Middle East and North African oil and gas markets,” he added. – TradeArabia News Service