Flotek in JV to build plant in Oman

01 December 2013

FLOTEK Industries Inc and Tasneea Oil and Gas Technologies LLC have announced they will establish in Oman a manufacturing company in the oilfield chemistry sector as well as a chemical research firm to serve markets in the Middle East and Africa.

They have formed Omani-registered joint venture companies named Flotek Gulf LLC and Flotek Gulf Research LLC. Tasneea is an affiliate of Gulf Energy, LLC, an Oman-based integrated oilfield service company.

The new firms will develop, market and produce speciality chemistries for the drilling, completion and production of oil and natural gas.

“The creation of Flotek Gulf and Flotek Gulf Research is a seminal step in our continued growth into new international markets,” said John Chisholm, Flotek’s chairman, president and CEO. “The predicted rapid growth of unconventional resource development in the Middle East and North Africa makes this venture even more compelling, especially given accelerated growth in Oman and the location as a central point to serve this very important region.

Flotek will own 55 per cent and Tasneea 45 per cent of each enterprise. Tasneea will contribute real estate in Oman to Flotek Gulf which will house the manufacturing and blending facility.

Construction will likely begin in early 2014. Prior to the completion of the manufacturing facility,  Flotek Gulf will market oilfield chemistry and fill orders in cooperation with Flotek and its US manufacturing and blending operations.

“We are presently selling and shipping chemistry to the region and expect the direct involvement of Tasneea to increase demand for our chemistry in the coming months,” said Chisholm.

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