The Industrialization and Energy Services Company (TAQA), owned by the Public Investment Fund and a group of the most prominent Saudi joint stock companies and institutional investors, today signed an agreement to sell its 72% stake in Jubail Energy Services Company (“JESCO”) to “ArcelorMittal” Jubail Pipe Products Company, as a step to acquire ArcelorMittal. Jubail for pipe products is fully owned by "Jesco" company.

The CEO of (TAQA) and Chairman of the Board of Directors of (JESCO), Eng.Khalid Noah, explained that the proposed sale of (TAQA) company of its stake in (JESCO) represents an important step in achieving the strategy, in line with the aspirations of the Kingdom of Saudi Arabia and its objectives of establishing a sector. Strong competition for the domestic steel industry and a strong manufacturing center in the Kingdom.

It is noteworthy that the company (TAQA), established in 2003, specializes in the field of oilfield services and equipment (“OFSE”) in the region, and provides the main services required for the delivery of wells, from drilling to completion through increasing capacity, building capabilities and expanding in higher-level services. .