Saudi Arabia’s Gas Arabian Services Co. (GAS) has signed a joint venture agreement with Italian industrial firm Bonomi to establish a new valve manufacturing company, Bonomi Saudi Arabia Factory LLC.
Headquartered in Saudi Arabia, the new entity will have an initial capital of SAR 5 mln (USD 1.33 mln). Bonomi will hold a 60pct stake, while GAS will own the remaining 40pct.
GAS stated that the joint venture is expected to deliver long-term financial benefits. However, the project’s launch is contingent upon receiving regulatory approvals and fulfilling conditions outlined in the agreement.
Founded in 1992 as a trading company, GAS has since evolved into a turnkey contractor offering integrated mechanical solutions to the oil and gas, petrochemical, electrical, steel, water, desalination, and mining industries. The company also operates a manufacturing facility in Dammam, producing skids for oil, gas and chemical sectors, metallic pipe spools, fabricated structures, and other industrial components for major clients including Aramco, Sabic, and Schlumberger.
1 USD / 3.75 SAR