The Industrialization & Energy Services Company (TAQA) was established
by Ministerial Decree in May 2003 and obtained its commercial registration
later that year.
TAQA is a Saudi Joint Stock Company and has been endorsed by the
Ministry of Petroleum & Mineral Resources since its inception and during
its formative stages. TAQA is owned 45% by the Saudi Government, while
the remaining 55% is owned collectively by Joint Stock Companies and
several private and industrial investors representing a cross-section of the
Saudi industrial community.
The Government's share through the Public Investment Fund (PIF)
was contributed in-kind by transferring from Petromin to TAQA the
Government's 51% ownership in the Arabian Drilling Company (ADC) and
the Arabian Geophysical and Surveying Company (ARGAS). The balance of
TAQA's share capital was contributed in cash by the other Saudi investors.
TAQA's share capital was increased in May 2006 from SR 533 million to SAR
The company's main objectives are to localize industry, transfer
technologies, increase local content and create employment opportunities
for Saudi Nationals.
While serving as a platform to attract equity partners and to form strategic
alliances, TAQA plays the role of a project developer. Its broad charter
allows the company to participate in a spectrum of activities including
oil and gas exploration and drilling, conducting geophysical surveys and
establishing a wide range of industries and services in support of oil and gas,
metals, petrochemicals, electricity and water sectors, either directly or by
forming specialized subsidiaries.