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November 7, 2013

Flotek and Tasneea form partnership to manufacture oilfield chemicals in Oman

Mary Page Bailey

Flotek Industries, Inc. (Houston, www.flotekind.com) and Tasneea Oil and Gas Technologies, LLC (www.tasneea-int.com), of Oman, have announced the execution of an agreement to establish an oilfield chemistry manufacturing company and a chemical research company in Oman to serve markets in the Middle East and Africa.
 
Upon acceptance by Omani commercial officials, Flotek and Tasneea, an affiliate of Gulf Energy, LLC, an Oman-based integrated oilfield service company, will be partners in Flotek Gulf, LLC and Flotek Gulf Research, LLC, Omani-registered companies that will develop, market and produce specialty chemistries for the drilling, completion and production of oil and natural gas.
 
Upon acceptance of the corporate filings by Omani officials, the firms will begin the transfer of assets into the companies and development of infrastructure necessary to manufacture and blend oilfield chemistries.  Flotek will own 55% and Tasneea 45% of each enterprise. Tasneea will contribute real estate in Oman to Flotek Gulf which will house the manufacturing and blending facility. It is anticipated that construction will start in early 2014.

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