Engineering solutions company SRJ Technologies (ASX: SRJ) is set to enter one of the world’s most lucrative oil and gas markets with the appointment of an agent in Saudi Arabia to represent SRJ, targeting the Kingdom’s premium projects.
The 3-year agreement will see ZOMCO, a domestic maintenance service company founded in 1977, promote SRJ’s technology to its clients in the residential, construction, Government, and oil and gas markets as well as position SRJ for tender opportunities for new contracts.
“This agency agreement with ZOMCO leapfrogs us into one of the world’s largest oil and gas, and pipeline networks, with a strong and well-regarded local partner,” said SRJ Technologies CEO, Alexander Wood.
“ZOMCO’s appointment by Saudi Aramco as manager of its pipeline maintenance works shows the calibre of partner that we have teamed up with, and the ZOMCO team will provide us with key insights into winning new contracts in the Middle East.”
As part of their commitment to Saudi Arabia, ZOMCO has also been engaged to manufacture SRJ products in the country which will increase in-house expertise across the products, increasing the ongoing commercial value to clients that adopt SRJ products.
“We are very happy to have agreed this venture with SRJ and are looking forward to developing a successful and sustainable business to meet the demands of the local oil and gas market by providing a leading technology solution combined with local manufacture and product support,” said ZOMCO Executive Vice President, Gavin Ames.
Specialising in pressure containment systems, SRJ’s products are most commonly used in oil and gas projects while also offering consultancy services to better understand operational risk.
The entry into Saudi Arabia comes just one week after SRJ Technologies entered a strategic alliance with Japanese engineering powerhouse Mitsui to cross promote their products across each other’s networks.
Mitsui’s global portfolio of infrastructure assets are valued at more than USD $100 billion.
SRJ Technologies Group commenced trading on the ASX on 17 September 2020 following an $8 million IPO raise at $0.50 per share.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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