Schlumberger to roll out valves production line in Saudi Arabia as Aramco relationship deepens

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Updated 28 January 2022
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Schlumberger to roll out valves production line in Saudi Arabia as Aramco relationship deepens

US oilfield services company Schlumberger will open a valves production facility at King Salman Energy Park, also known as SPARK, on Jan. 31 through its subsidiary company, Cameron.

The firm already produces some of its materials in Saudi Arabia, including downhole tools, drilling chemicals, screens and valves. 

Speaking to Arab News on the sidelines of the In Kingdom Total Value Add forum held in Dhahran, Schlumberger’s managing director in Saudi Arabia, Ziad Jeha, talked up the importance of Cameron’s relationship with Saudi Aramco.

“This is again a product that is used by Saudi Aramco, namely in facilities and other process systems, and these valves range from two inch up to 42 inches and go up to 40 tons in weight,” said Jeha.

During the forum, Schlumberger was recognised as the best service provider working for Saudi Aramco.

“This is the second ‘Best iktva Overall Award’ that we have got. The first one we got was in 2017, and this a milestone that we will be very much keeping in our mind,” said Jeha.

The oil field service company is also involved in the Jafura gas field project launched by Aramco last November, located in the eastern part of the Kingdom.

Schlumberger delivered a record number of stages in December using local expertise, he said.

During the forum, Schlumberger signed an initial agreement with Aramco in regards to sustainability and reducing carbon footprint. 

The Houston-based company, announced in May 2021 its commitment to net zero by 2050.

“It is something that we are committed to and we are going to continue towards net zero by deploying new technologies, and ensuring that we contribute as part of our ESG and social responsibilities,” he said.


Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

Updated 17 February 2026
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Closing Bell: Saudi main market sheds 85 points to finish at 11,098 

RIYADH: Saudi Arabia’s Tadawul All Share Index closed lower in the latest session, falling 85.79 points, or 0.77 percent, to finish at 11,098.06. 

The MSCI Tadawul 30 Index declined 0.63 percent to close at 1,495.23, while the parallel market index Nomu dropped 0.91 percent to 23,548.56.  

Market breadth was firmly negative, with 42 gainers against 218 decliners on the main market. Trading activity saw 226 million shares exchanged, with total turnover reaching SR4.5 billion ($1.19 billion).  

Among the session’s gainers, Tourism Enterprise Co. rose 9.40 percent to SR15.02. SHL Finance Co. advanced 4.51 percent to SR16.00, while Almasar Alshamil for Education Co. gained 3.56 percent to SR23.88.  

Dar Alarkan Real Estate Development Co. added 3.03 percent to SR19.70, and Banque Saudi Fransi climbed 2.61 percent to SR19.30. 

On the losing side, Almasane Alkobra Mining Co. recorded the steepest decline, falling 6.61 percent to SR96.

Al Moammar Information Systems Co. dropped 5.14 percent to SR164.20, while National Company for Learning and Education declined 4.60 percent to SR124.30. Saudi Ceramic Co. slipped 4.14 percent to SR27.30, and Arabian Contracting Services Co. fell 4.12 percent to SR116.50. 

On the announcement front, Saudi Telecom Co. announced the distribution of interim cash dividends for the fourth quarter of 2025 in line with its approved dividend policy.  

The company will distribute SR2.74 billion, equivalent to SR0.55 per share, to shareholders for the quarter.  

The number of shares eligible for dividends stands at approximately 4.99 billion shares. The eligibility date has been set for Feb. 23, with distribution scheduled for March 12.  

The company noted that treasury shares are not entitled to dividends and that payments will be made through Riyad Bank via direct transfer to shareholders’ bank accounts. stc shares last traded at SR44.80, unchanged on the session. 

Separately, National Environmental Recycling Co., known as Tadweer, reported its annual financial results for the year ended Dec. 31, 2025, posting significant growth in revenue and profit.  

Revenue rose 53.5 percent year on year to SR1.24 billion, compared with SR806 million in the previous year. Net profit attributable to shareholders increased 68.4 percent to SR60.9 million, up from SR36.2 million a year earlier, driven by higher sales volumes and operational expansion.

Tadweer shares last traded at SR3.80, up 2.70 percent.