Abu Dhabi-based Waha Capital Investments LLC said Oct. 15 that it acquired a significant minority stake in oilfield services and manufacturing company Petronash Holdings, based in Dubai, United Arab Emirates, for US$88 million.
Petronash provides modular wellsite packages, chemical injection systems and wellhead control systems to the oil and gas industry. The company has plants in Houston, Dubai and Saudi Arabia and has a centralized design, engineering and component-manufacturing hub in India.
As part of the deal, which includes options to further increase Waha Capital's stake in the company up to 50%, Petronash will establish technology research and development centers in India and Saudi Arabia.
Petronash's projected revenue this year is approximately US$200 million. The company has the potential to expand further in the Middle East and North Africa and in other oil and gas markets around the world.