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Corrpro Forms Corrosion Protection Joint Venture In Saudia Arabia
Insituform Technologies, Inc. announced June 27 that its subsidiary Corrpro Companies, Inc. is forming a joint venture in Saudi Arabia with Saudi Trading & Research Co., Ltd. (STARC).
Based in Al-Khobar, Saudi Arabia since 1992, STARC delivers products and services in the oil, gas, power and desalination industries. STARC’s clients include Saudi Aramco, SABIC, SWCC and SEC.
The joint venture, Corrpower International Limited, is 70% owned by Corrpro and 30% by STARC. Corrpower will offer corrosion protection products and services to government and private sector clients throughout the Kingdom of Saudi Arabia, including engineering, product and material sales, construction, installation, inspection, monitoring and maintenance.
Dorwin Hawn, Senior Vice President of Insituform’s Energy and Mining group, said “Insituform’s Energy and Mining platform is focused on expanding its geographic reach in the Middle East. We expect our partnership with STARC will allow us to quickly provide valuable pipeline protection solutions throughout Saudi Arabia. Corrpro has had operations in the Middle East since 2006.”
Ahmed Nazir, Managing Director of STARC, said, “We are delighted to enter into this joint venture with Corrpro. Corrosion problems are on the rise in Saudi Arabia and adding corrosion control solutions to our portfolio is important. The venture will enable us to provide these services by capitalizing on Corrpro’s extensive international and regional expertise and on STARC’s strong local presence. We are extremely optimistic about the future and look forward to working with Corrpro and Insituform.”