Saudi Arabia’s TAQA Sets Up Firm With Norway’s Archer

Saudi Arabia’s Industrialization & Energy Services Co (TAQA) has signed an agreement with a subsidiary of Norway’s Archer to set up an oil and gas joint venture in Saudi Arabia, TAQA said on Wednesday.

Archer is the oil services arm of Norwegian shipping tycoon John Fredriksen. TAQA is half-owned by the Saudi government.

The new firm is expected to start operations at the end of this year, TAQA said in a statement.

It will provide wireline and mechanical intervention services for oil and gas wells.

No financial terms were disclosed in the statement.