Baker Hughes and Saudi Arabia's state-owned Dussur have agreed to form a joint venture focused on providing oilfield services and industrial chemicals in the country, the companies said on Tuesday.
Texas-based oilfield services provider Baker Hughes will hold 51% of the joint venture under the agreement that is expected to close in the third quarter.
Dussur, or Saudi Arabian Industrial Investments Company, is owned by the nation's sovereign wealth fund (PIF), oil company Saudi Aramco and SABIC, the world's fourth-biggest petrochemicals firm.
The joint venture will continue to operate under the Baker Hughes brand and its manufacturing facility in Jubail city will supply chemicals focused on the needs of Saudi Arabia.
In 2020, Baker Hughes formed a joint venture called Novel with Saudi Aramco to develop non-metallic products for multiple applications in the energy sector.
