Welltec Starts Joint Venture in Saudi Arabia with the Alturki and Shoaibi Groups
On the 22nd of October 2007, representatives from Saudi conglomerates Khalid Ali Alturki & Sons Ltd. and the Shoaibi Group met in London with Welltec to sign the documents required to start a joint venture in the Kingdom of Saudi Arabia. The joint venture will operate under the name of Welltec Oilfield Services (Saudi Arabia) Ltd. and will provide the full range of Welltec services combined with the experience of the Alturki and Shoaibi Groups to develop and sustain the business.
Jørgen Hallundbæk, founder and President of Welltec, says: “This is a strategic partnership, which has been in the works for some time now. We are delighted to have this opportunity to bring our new robotic completion and intervention technology into the Kingdom for the mutual benefit of all parties, especially the Saudi oil and gas industry.”
Rami Alturki Alturki, Group President, and Khalid Al Shoaibi, Group Director Al Shoaibi Group, stated that “This joint venture allows Petroco to continue bringing best in class new technologies to the Kingdom serving the oil and gas services sector. The Welltec technology complements an extensive range of products and services offered to the oil and gas industry by Petroco, and are very well placed to benefit from the increasing investment in technology in the Kingdom”.
Petroleum Works Company (‘Petroco’)
Petroco is a joint venture company between Khalid Ali Alturki & Sons Ltd. and the Shoaibi Group to serve the oil and gas industry in the Kingdom of Saudi Arabia.
Alturki Group
The Khalid Ali Alturki & Sons group of companies is a leading industrial conglomerate operating in Saudi Arabia for over 30 years. The Group’s subsidiaries and joint venture companies are involved in contracting, trading, manufacturing, consulting, and investment in major industrial sectors such as construction, oil, gas, petrochemicals, water, environment, utilities, power and telecommunications, and real estate sectors mainly in Saudi Arabia.
See: www.alturkigroup.com
Shoaibi Group
The Shoaibi Group is a wholly-owned Saudi Arabian organisation established in 1973 to develop and carry out industrial and commercial activities in the Kingdom of Saudi Arabia, across the Middle East and internationally. The group’s primary focus is in the Oil, Gas & Petrochemical, Power, Water and Telecommunications sectors; in addition to internationally undertaking direct private equity investments. Group head quarters are in Al-Khobar Saudi Arabia with operations across the Middle East and North Africa.
See: www.shoaibigroup.com
Shoaibi Group Contact:
Khalid Al Shoaibi Group Director + 9663 894 1700 Ext: 223
Alturki Group Contact:
Rami Alturki President +96638821997 Ext: 2000
Welltec®
Welltec is the world’s leading supplier of robotic solutions for oil and gas wells. The company’s proprietary technology, with the Well Tractor as flagship, has transformed the way energy is produced and catalysed a paradigm shift within operators’ well intervention programs. Headquarters with R&D and manufacturing is located in Denmark. Welltec has 29 offices and +530 employees worldwide and is experiencing rapid, continued growth.
Welltec contact: VP Global Sales and Marketing Brian Schwanitz, cell phone +45 27 88 73 07, email: bschwanitz@welltec.com
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