Aramco and Baker Hughes [NYSE: BKR] declared a new joint venture among the companies. The venture will lead to the formation of a new company named NOVEL. This step will develop and commercialize a wide range of non-metallic products that will be used for multiple applications in the energy industry. Aramco will bring the resources and perspective of a pre-eminent energy company while Baker Hughes will provide their deep technical and commercial expertise in the joint venture.
The development work of the Novel facility is going on in King Salman Energy Park in Saudi Arabia. Firstly, this service will generate non-metallic pipelines including RTP pipes from composite material. This joint venture accelerates Aramco’s strategy to look for new arising opportunities in oil-based products. This new facility will expand Saudia’s commercial ecosystem and promote domestic investment. It will also create job opportunities and foster the growth of an emerging and innovative sector aligned to Saudia’s vision.