Paris, November 18, 2009
Technip and SaudConsult have signed today in Paris a memorandum of understanding to set up a 50/50 joint venture company aimed at developing a new engineering center in Saudi Arabia.
The planned Engineering Center of Excellence will be located in Al Khobar, Saudi Arabia with broad execution capability and a focus on front end engineering design (FEED), detailed engineering, procurement and construction management (EPCM) services serving Saudi Arabia’s oil, gas, petrochemical and other industries.
Thierry Pilenko, Technip Chairman and CEO, stated: “Our partnership will give us the opportunity to develop a world-class engineering center in Saudi Arabia, with a strong local content and a high international profile. This move is in line with our Group’s strategy to increase proximity to the Middle East market through the development of local operating centers.”
Eng. Dr. Tarek M. A. Shawaf, SaudConsult Chairman stated: “Our new joint venture with Technip will create an engineering power house unmatched in diversity, competency and without doubt, local depth and experience. Our vision for this joint venture is to be the Engineers of Choice in Saudi Arabia and the region. Saudconsult takes special pride in developing Saudi engineering graduates who now have become leaders in the industry. Our new partnership will further enhance our endeavour to hire, train and retain young Saudi graduates and create an indigenous work force capable of contributing to the wealth and prosperity of our nation.”
Pending regulatory clearance and after completion of local incorporation processes, the new Company is expected to begin operations by mid 2010 with about 500 employees.