TAQA, Air Liquide Middle East and Al-Rushaid Petroleum Investment Co. signed a Shareholders’ Agreement for the supply of industrial gases.
A Shareholders’ Agreement was signed on December 8th, 2007 in Riyadh between Air Liquide Middle East, the Industrialization and Energy Services Company (TAQA) and Al-Rushaid Petroleum Investment Company for the supply of industrial gases.
The partners in the new Joint Venture have set up a company which will undertake the construction, ownership and operation of facilities for the production and supply of industrial gases through long term agreements.
The newly established company, Air Liquide Arabia (ALAR), has been granted a license by The Saudi Arabian General Investment Authority, SAGIA, on January 14th, 2008.
Speaking on behalf of the partners, TAQA’s Chairman Dr. Abdulaziz Al-Jarbou stated that the first objective of this initiative is to develop a pipeline distribution infrastructure in order to supply industrial gases to manufacturing facilities. This is a natural development of TAQA’s main strategy to localize industry, to bring international partners having technologies and create employment opportunities for Saudi Nationals.
The outcome of such alliance will be a direct contribution to a cluster of light and support industries which require industrial gases in their process. Additionally, the New Joint Venture intends to apply latest technology and to provide training for Saudi Nationals.
