Scotland Times

Thursday, Nov 21, 2024

The Public Investment Fund (PIF) has signed a share subscription agreement to invest in Alkhorayef Petroleum, a leading provider and manufacturer of oil and gas production optimization solutions in Saudi Arabia.

PIF invests in Alkhorayef Petroleum, boosting Saudi Arabia's oil and gas industry

The Public Investment Fund (PIF) of Saudi Arabia has acquired a 25% stake in Alkhorayef Petroleum, a key player in the oil and gas industry, with Alkhorayef Group retaining 75%.

This investment is part of PIF's strategy to develop key sectors in line with Saudi Arabia's Vision 2030. Alkhorayef Petroleum specializes in artificial lift and wireline services, and is the only Gulf-based manufacturer of electric submersible pumps.

The investment aims to enhance the company's growth and improve the supply chains in Saudi Arabia's energy services sector. The deal's finalization is subject to regulatory approvals and certain conditions.

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