CleanGo Innovations Inc. said it plans to construct a green industrial solutions manufacturing facility in Saudi Arabia in a joint venture with Sanad Industrial Co Ltd, aiming to service the region’s oil and gas sector.
The facility is targeted at producing environmentally responsible chemical products tailored for the oil services industry, not only in Saudi Arabia but across the MENA and Gulf Cooperation Council regions, the company said in a news release.
Financial details of the project were not disclosed. The joint venture will be named CleanGo Arabia Ltd.
Sanad is controlled by Earth Reservoirs for Oil and Gas Ltd, or EROG Holdings, a comprehensive service provider for the energy market in Saudi Arabia. The partnership will leverage EROG’s understanding of the regional energy sector, network and logistical capabilities, and expertise in providing turnkey solutions to penetrate the market in the oil services industry, CleanGo said.
According to CleanGo, its flagship product CG-100 offers distinct uses within the oil services industry, including waterflood enhancement, wellbore tubular cleaning, frac port cleaning, flowline cleaning, facility cleaning, completion systems, and diluent replacement for well abandonments.
“This joint venture marks a pivotal moment for CleanGo Innovations,” CleanGo CEO Anthony Sarvucci said. “Partnering with EROG Holdings and Sanad Industrial Co. Ltd. provides us with unparalleled access to the rapidly growing oil and gas market in Saudi Arabia and the broader GCC and African regions. Their deep-rooted expertise and commitment to local manufacturing align perfectly with our vision of delivering certified green solutions that not only enhance operational performance but also champion environmental responsibility”.
Sanad CEO Ali Al Kaabi said, “We are thrilled to join forces with CleanGo Innovations. Their certified green products offer a unique and highly sought-after solution for the oil services industry, which is increasingly focused on sustainability. Through CleanGo Arabia LTD, we will combine our regional market knowledge and distribution strength with CleanGo’s innovative technology to create significant value for our customers and contribute to the Kingdom’s Vision 2030 objectives of localization while fostering Saudi Made innovation”.
Subsidiary Formed to Focus on Oil and Gas Industry
Earlier in the year, CleanGo said it formed Kubera Black Energy Inc., a subsidiary strategically created to address the specialized demands of the global oil and gas industry.
Kubera Black Energy will focus on identifying and securing key partnerships and contracts within the global oil and gas market, CleanGo said in an earlier statement.
“Kubera Black Energy is not simply a new company; it’s a strategic response to a critical market need,” Sarvucci said. “We are assembling a team of seasoned executives with deep industry expertise to provide comprehensive support and drive growth. By concentrating resources and leveraging our established network, Kubera Black is poised to capitalize on untapped market opportunities, particularly in areas often underserved by traditional financing and private equity”.
“Furthermore, we believe a potential spin-off of Kubera Black Energy to the public markets, with CleanGo retaining majority ownership, will maximize shareholder value by allowing investors direct participation in the growth of this specialized energy services company,” he added.
Vancouver-based CleanGo Innovations describes itself as a developer and manufacturer of proprietary, certified green, non-toxic, and sustainable cleaning and industrial solutions. With a focus on innovation and environmental responsibility, CleanGo said it offers a diverse portfolio of products for retail, commercial, and industrial applications, including the oil and gas services sector.
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