PIF, Aramco and SABIC-backed Saudi Arabian Industrial Investments Company (Dussur) and Baker Hughes, an oil and gas company, agreed form a joint venture. Financial terms were not disclosed. Baker Hughes will contribute its existing infrastructure, personnel, and contracts within KSA related to oilfield and industrial chemicals under the terms of the agreement. Baker Hughes will own 51% of the JV, and Dussur will own 49%. Upon close, the JV will continue to operate under the Baker Hughes brand and Baker Hughes will exclusively participate in the KSA chemicals market through the JV. The transaction is expected to close in the third quarter of this year. “Baker Hughes’ expertise and technology leadership made them the ideal partner in this joint venture. Expanding the role of oilfield chemicals manufacturing in Saudi Arabia is an important link to Dussur’s mission to support the Kingdom’s industrialization journey and localize technologies that will introduce new value chain capabilities. We are looking forward to commencing our work with Baker Hughes to contribute to the security of supply in the region and build local capabilities for the jobs of the future," Raed Al-Rayes, Dussur CEO.