By Mark Williamson
PIPELINE specialist STATS has launched a push for growth in Saudi Arabia where Scots oil services firms see bright prospects amid challenging conditions in the North Sea.
Aberdeen-based STATS has formed a partnership with a firm that has connections with producers in the kingdom of Saudi Arabia (KSA), which it hopes will help unlock business opportunities in the state.
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The head of STATS’s Middle East business Angus Bowie said: “We believe KSA could be a key market in the region which will make a significant contribution to the growth of our global business.”
The partnership formed with Safari Oil & Gas will promote the range of technologies developed by STATS for use in isolating sections of pipeline and working on them.
STATS was encouraged to form the partnership after working on pilot projects with the giant Saudi Aramco exploration and production business.
The partnership is expected to support efforts to help encourage the development of Saudi Arabia’s oil and gas sector.
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“Partnering with STATS is a major step towards growing the company strategically and to bring into the KSA an international entity with superior technology that adds value to the Kingdom, the industry, creates jobs and is in line with the Kingdom’s Saudi Vision 2030,” said Mohammed Al-Ghosain, Safari Oil and Gas Chief Executive Officer.
The Vision 2030 strategy aims to maximise the potential of Saudi Arabia’s resources while helping to broaden its economic base.
A range of Scottish oil services firms have been targeting growth in the Middle East. Investment levels have helped up better in the area following the sharp fall in the oil price since 2014 than in the North Sea. Aberdeen-based engineering giant Wood has won important contracts in Saudi Arabia in recent months.
Safari Oil & Gas is a member of Safar Group, which STATS described as one of the 50 leading stock market-listed firms in Saudi Arabia.
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