The Saudi Manufacturing and Energy Services Company “Taqa” is expanding its international presence in Azerbaijan, Kazakhstan and Syria, in parallel with the development of well solutions and specialized technologies, which represents a major focus of its growth.
The company, of which the Public Investment Fund owns 54 percent of its capital, relies on Saudi Arabia as its main operations center and the starting base for its foreign expansion.
In exclusive statements to Asharq Al-Awsat, in conjunction with the World Petroleum Conference, TAQA CEO Adel Al-Ghadhban said that the company is working to develop its presence in Azerbaijan and Kazakhstan, in addition to establishing an operational presence in Syria, explaining that it has established a legal entity in Azerbaijan and qualified as a supplier for the Azerbaijani government company SOCAR, while registration and qualification procedures have begun with a number of customers in Kazakhstan.
He added that cooperation with “SOCAR” includes opportunities in oil and gas field activities and services, in addition to developing opportunities in a number of well services and technologies, noting that the company has moved to practical steps to build its presence in the Azerbaijani market, including completing the procedures for establishing and registering a qualified supplier.
Regarding budgets and timetables for projects related to cooperation, Al-Ghadban explained that the memorandum of understanding represents a framework for cooperation that differs from the contracts and executive projects that may emerge from it, stressing that the company prefers to announce the details of each project after its scope is complete and its commercial arrangements are approved.
He pointed out that the Caspian Sea region and Central Asia represent one of the important growth opportunities for the company, as part of an international expansion strategy targeting markets in which TAQA can provide added value and build sustainable businesses, rather than geographical expansion merely for the sake of expansion.
Well solutions drive growth
In terms of operational performance, Al-Ghadban stressed that well solutions represent the main focus of TAQA’s growth, and include drilling, well completion and intervention, well testing, wireline services, naming, stimulation, and early production facilities.
He pointed out that the company achieved strong performance during the year 2025 in a number of areas. These include well testing, completions and wireline services, while progress is being made in developing and commercializing drilling, completions and well intervention technologies.
He noted that the company is focusing on enhancing the integration between its services and technologies to provide solutions that cover multiple stages of the well’s life cycle, which supports directing investments towards the highest value services, accelerating the marketing of technologies, and selective expansion in markets that provide opportunities to achieve profitable and sustainable growth.
Digitization and innovation
In the field of technology, Al-Ghadhban said that TAQA views innovation and advanced technologies as pillars of growth, relying on its innovation center in the Dhahran Technology Valley, in addition to specialized centers for developing drilling products, completing wells, and intervening in them.
He stated that the development process begins by identifying the challenges facing customers, then developing solutions, testing them, and qualifying them in the field, all the way to transforming them into products and technologies that can be commercially expanded.
He pointed out that the company is focusing in the field of digitization on employing data, artificial intelligence, and automation within research and development projects, in cooperation with customers, industrial partners, and academic institutions.
He said that the technical investments aim to increase the efficiency of operations, improve the performance of wells, and reduce time, total cost and operational risks for customers.
Regarding future investments, he indicated that the company prefers not to announce specific numbers before adopting plans and budgets.
Supply chain flexibility
In a related context, Al-Ghadban explained that TAQA, in light of the geopolitical challenges, focused on enhancing flexibility, operational discipline, and cost competitiveness. To address pressures associated with operating costs and supply chains.
He pointed out that the company updated its operational model with the aim of clarifying responsibilities, accelerating decision-making and simplifying operations, in addition to improving the use of assets and resources and strengthening partnerships with suppliers.
It also worked to diversify production sources and research and development in some product lines, to support the flexibility of supply chains and manufacturing efficiency.
Al-Ghadhban stressed that improving efficiency is not limited to reducing expenses, but rather includes developing methods for carrying out business and allocating capital, while maintaining a balance between competitiveness, continuity of service, and safety, quality and reliability requirements.
About “energy”
The Manufacturing and Energy Services Company “TAQA” was established in 2003, and its headquarters are located in Dhahran. The company offers integrated oil and gas well solutions including drilling, well completion, intervention and testing, wireline logging, naming, hydraulic fracturing and well safety services.
The company operates in more than 20 countries, and the number of its employees exceeds 5,500, while its portfolio includes companies operating in the drilling, geophysical services and surveying sectors. Among them are “Arabian Drilling” and “Arab Geophysics and Surveying Company” (ARGAS), along with “Al-Khiyar”, “Najm” and “Oliden Technology”.
Copper prices rose on Wednesday, supported by concerns about supplies from Chile, the world's largest producer of the metal, while markets followed developments in a number of major copper mines.
By 03:03 GMT, the standard 3-month copper price on the London Metal Exchange rose 0.7 percent to $14,673.50 per metric ton, according to Reuters.
On the Shanghai Futures Exchange, the most actively traded copper contract rose 0.4 percent to 111,330 yuan ($16,638) per ton.
Analysts at TD Securities said that supply risks in Chile are still the focus of attention for copper markets, pointing to the strike vote, deaths at work sites, and operational disruptions, in addition to renewed news about the resumption of mine operations, which are factors that have maintained a price premium that reflects the risks of a supply shortage.
Analysts added that any escalation of these risks in Chile would support prices in the near term, at a time when markets are still facing uncertainty regarding customs duties, in addition to the continued redistribution of stocks between markets.
In Chile, the supervisors' union at BHP's Escondida mine, the largest copper mine in the world, announced that it would begin a strike on Wednesday, after mediation efforts aimed at reaching a new collective labor agreement failed.
On the other hand, the management of the Centinla copper mine and two striking unions returned to the negotiating table on Tuesday, seeking to end a work stoppage that has been ongoing for a week, which workers say is affecting the conduct of operational operations.
Over the weekend, the Chilean state mining company Codelco suspended part of its operations at the El Teniente mine, following a landslide that resulted in the death of a worker.
In a related context, copper stocks outside the United States declined as quantities of the metal were shipped to the American market, in anticipation of the possibility of customs duties being imposed.
Performance of other metals
On the London Metal Exchange, aluminum rose 0.2 percent to $3,042 per ton, zinc rose 0.4 percent to $3,745.50, while lead stabilized at $1,901. Nickel also increased by 0.5 percent to $15,665, while tin fell by 0.1 percent to $51,705 per ton.
As for the Shanghai Futures Exchange, aluminum and zinc fell by 0.4 percent each, while lead rose by 0.6 percent, nickel by 0.2 percent, and tin fell by 2.5 percent.
In the nickel market, the International Nickel Study Group said on Tuesday that the global market is likely to end the year 2026 with a slight surplus, a shift from its expectations 6 months ago of a deficit, with expectations that the surplus supply will expand over the next year.
The US Treasury Department imposed a $1.2 billion fine on Bank of America after it failed to monitor and report suspicious financial transactions. Its value exceeded $5 billion, including transactions worth $1 billion, which the ministry said involved risks related to national security and illicit financing.
The ministry said on Tuesday that the violations included failure to report transactions potentially linked to Chinese money laundering networks, in addition to money laundering operations through trade that are largely linked to the southern border of the United States.
The penalty is the third largest fine imposed by the Treasury Department in its history.
The Ministry explained that the bank relied excessively on inquiries received from external parties, such as law enforcement agencies and other financial institutions, instead of relying on its internal controls to proactively detect and report suspicious activities. In practice, she said, this approach resulted in a large part of monitoring and reporting responsibilities being assigned to external parties.
As part of the settlement, the bank admitted that it “willfully” violated the Bank Secrecy Act, as a result of its failure to maintain a compliant anti-money laundering program, conduct the required due diligence regarding foreign correspondent banking accounts, and submit the necessary reports on suspicious activities, according to the Treasury Department.
US Treasury Secretary Scott Besent said that the failure of a banking institution of this size to fulfill its obligations related to combating money laundering and comply with sanctions, its repercussions are not limited to the bank; Rather, the entire American financial system is exposed to significant risks associated with illicit financing.
Multiple penalties
The total fine includes penalties imposed by the US Office of the Comptroller of the Currency and the Treasury Department's Office of Foreign Assets Control. The fine from the Office of the Comptroller of the Currency amounted to $750 million, becoming the largest in the history of this regulatory body.
As for the Office of Foreign Assets Control, it said that the settlement with the bank relates to 475 potential violations of US sanctions programs, including sanctions related to Russia, Iran, drugs, and global terrorism. The settlement amounted to $11.6 million. The office classified the violations as non-serious.
For its part, Bank of America told the BBC that it has come a long way in the work required to address the issues raised by the regulatory authorities, stressing its commitment to completing these efforts.
The announcement of the fine came less than 24 hours before the bank announced its financial results for the third quarter, on Wednesday. The bank said that its results will include expenses worth $1.2 billion that cannot be deducted for tax purposes, reducing net income by about 17 cents per share.
He added that he had already allocated significant human and financial resources to address the deficiencies, and that the costs of these efforts were included in the current expenditure base.
