PetrolValves CEO, Cristiano Tortelli (F-R) and Basel Al-Abdulkarim (F-L), VP Downstream Dynamic Energy signing the Joint Venture Agreement on December 5th at the Dynamic Energy Headquarters in Dhahran, Saudi Arabia
Dynamic Energy has entered into a landmark joint venture agreement with leading Italian valves manufacturer, PetrolValves, with an aim to localize the manufacturing of such industrial products in the Saudi market. This is the third milestone in a series of joint ventures and investments for Dynamic Energy within the industrial manufacturing sector.
Petrol Valves Saudi Arabia will be set up in Dammam to manufacture various valve types including ball, gate, globe, check, butterfly and control valves, catering to local and regional Oil & Gas companies.
Formed in 1956, PetrolValves is a privately held Italian company with facilities throughout the world. Dynamic Energy had been operating as the exclusive agent for PetrolValves since 2016; this joint venture is a natural progression in their successful 2-year relationship.
The agreement was formalized on the 27th of November at the IKTVA forum under the patronage of HRH Prince Saud Bin Naif Al Saud - Governor of the Eastern Province and hosted on behalf of Saudi Aramco by its President & CEO, Mr. Amin Al Nasser. This partnership is aligned with IKTVA’s philosophy of creating additional domestic value through localization of goods and services alongside job creation which will enable citizens to participate and grow in a rapidly developing economic environment.