Skip to content Skip to Search
Skip navigation

Saudi’s Taqa to quadruple energy investments in Egypt

By Pramod Kumar
Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt Reuters/Alexander Manzyuk
Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt

Saudi Arabia’s Industrialization and Energy Services Company (Taqa) plans to quadruple investments in Egypt’s energy sector over the next two years, according to a media report.

The company aims to double its business and services in Egypt, as well as expand into deepwater petroleum services by 2026, Daily News Egypt reported, citing Mario Ruscev, executive vice president of Taqa.

No details were given on the investment outlay.

The Saudi energy company has contracts with 20 oil companies for well maintenance and preparation in Egypt’s western desert.

In addition, Taqa is planning to enter the marine petroleum well services sector, including drilling and exploration in Egypt, to support its growth targets in the coming years.

The petroleum sector in Egypt accounted for 40 percent of the total foreign investments in the country in the past five years.

Taqa has no plans to enter the renewable energy sector. Instead, the company is focusing on its geothermal energy subsidiary, Taqa Geothermal Energy, which was established last year to harness clean energy sources from underground geothermal heat in Saudi Arabia and the Mena region.

Ruscev said the company is investing heavily in geothermal energy to reduce its own combustion emissions and capture carbon.

Saudi sovereign Public Investment Fund owns 54 percent of Taqa.

Latest articles

Lebanon EU aid

Lebanon to receive $1bn in financial aid from the EU

A financial aid package for Lebanon from the EU valued at more than $1 billion was announced on Thursday by the European Commission president, Ursula von der Leyen.  The money, most of which will be grants, will be made available over the next three years. Some will go towards helping to control the flow of […]

UAE minister of industry and advanced technology and Adnoc group CEO Dr Sultan Ahmed Al Jaber (top centre) will become chairman of AIQ

Presight takes majority stake in Adnoc-G42 AI venture

The data analytics company Presight is acquiring a majority stake in AIQ, a joint venture between Abu Dhabi National Oil Company (Adnoc) and G42. Under the agreement, Presight, an Abu Dhabi-listed company, will own 51 percent of AIQ, with Adnoc keeping the remaining 49 percent, a statement released on Wednesday said.  Previously, G42 held 40 […]

Saudi Arabia is looking to shift traffic to its railways to improve road safety and reduce carbon emissions from car usage

Passenger numbers on Saudi trains leap 23% in a year

Passenger traffic on Saudi railways rose 23 percent year on year to 2.7 million people in the first quarter of 2024, the state operator said this week, as the kingdom pushes to improve infrastructure before a 2030 deadline.  The railway system also saw a 9 percent rise in the volume of minerals and goods transported, […]