Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. The company will build high-yech rigs in collaboration with the US-based NOV. Ahmed Jadallah/Reuters
Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. The company will build high-yech rigs in collaboration with the US-based NOV. Ahmed Jadallah/Reuters

Saudi Aramco teams with US firm to build oil rigs in kingdom



Saudi Aramco, the world's biggest oil producer, and US-based National Oilwell Varco (NOV) formed a joint venture partnership to establish an integrated world-class on-shore rig and equipment manufacturing and aftermarket facility in Ras Al Khair in Saudi Arabia, the kingdom's oil giant said on Thursday.

Under the agreement, Aramco will own 30 per cent of the joint venture’s shares, while NOV will own the remaining 70 per cent.

“The kingdom leadership’s efforts to accelerate economic diversification as part of Vision 2030 is having a significant impact in enabling the creation of new sub-sectors and also in attracting investments from our international partners to our nation’s vital oil and gas industry," said Amin Nasser, Saudi Aramco’s President and CEO.

He described the JV as a step towards the creation of a vibrant energy services sector and will expand the procurement of locally manufactured goods and services alongside the development of giga projects such as the King Salman International Complex for Maritime Industries and Services.

International Maritime Industries (IMI), its joint venture with Lamprell, the National Shipping Company and Hyundai Heavy Industries Company to build multibillion-dollar maritime yard in the kingdom, is expected to be fully operational in 2022.

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Read more:

Saudi Aramco launches maritime complex JV with local and international partners

UAE yards to benefit from Lamprell role in $5bn Saudi maritime project

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“The new manufacturing facility will further strengthen the integrated portfolio of oil field services and equipment being developed by the Saudi Aramco Development Company, which also optimises Saudi Aramco’s supply chain costs and improves its agility,"  said Ziad Al Murshed, the executive director of new business development at Saudi Aramco, and CEO of the Saudi Aramco Development Company.

"This investment will also create employment and training opportunities for Saudi youth.

“Over the past few years, Saudi Aramco has taken major steps to localise oilfield services in the kingdom, starting with drilling services, through establishing two rig operations joint ventures, one for onshore drilling and the other for offshore drilling.

"This joint venture with NOV is a major step toward localising oilfield equipment manufacturing and after-market services, starting with rig manufacturing,” added Mr Al Murshed.

The new joint venture with NOV will be located in Ras Al Khair, near the Jubail Industrial City on the kingdom’s east coast, and will serve as a major hub for high specification drilling rigs using cutting-edge technologies with a capacity to manufacture 10 onshore rigs per year, Aramco said.

Additionally, the facility will offer repair services and recertification of a large portfolio of equipment. The facility will also have the capabilities to supply drilling packages for offshore jack-up rigs. It will localise expertise in multiple disciplines related to onshore rig manufacturing

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

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Abu Dhabi – Call 999 or 8002626 (Aman Service)

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Ras Al Khaimah - Call 072053372

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Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 

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How has net migration to UK changed?

The figure was broadly flat immediately before the Covid-19 pandemic, standing at 216,000 in the year to June 2018 and 224,000 in the year to June 2019.

It then dropped to an estimated 111,000 in the year to June 2020 when restrictions introduced during the pandemic limited travel and movement.

The total rose to 254,000 in the year to June 2021, followed by steep jumps to 634,000 in the year to June 2022 and 906,000 in the year to June 2023.

The latest available figure of 728,000 for the 12 months to June 2024 suggests levels are starting to decrease.

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Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last

Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Champions League quarter-final, first leg

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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
What is Reform?

Reform is a right-wing, populist party led by Nigel Farage, a former MEP who won a seat in the House of Commons last year at his eighth attempt and a prominent figure in the campaign for the UK to leave the European Union.

It was founded in 2018 and originally called the Brexit Party.

Many of its members previously belonged to UKIP or the mainstream Conservatives.

After Brexit took place, the party focused on the reformation of British democracy.

Former Tory deputy chairman Lee Anderson became its first MP after defecting in March 2024.

The party gained support from Elon Musk, and had hoped the tech billionaire would make a £100m donation. However, Mr Musk changed his mind and called for Mr Farage to step down as leader in a row involving the US tycoon's support for far-right figurehead Tommy Robinson who is in prison for contempt of court.