AIPC unit buys ITAG Group

Gulf Drilling & Production Services GDPS, a subsidiary of Arabian International Petroleum Corp. of Qatar, acquired 90% of shares in ITAG Group, Celle, Germany. Management holds the remaining shares.

Aug 22nd, 2001

By the OGJ Online Staff

HOUSTON, Aug. 22 -- Gulf Drilling & Production Services GDPS, a subsidiary of Arabian International Petroleum Corp. of Qatar, acquired 90% of shares in ITAG Group, Celle, Germany.

Management holds the remaining shares.

ITAG said the acquisition by a Middle Eastern leader would open new markets it could not access on its own.

Jaber A. Al-Marri, founder and president of AIPC, said "The Middle East, with its huge oil and gas reservoirs will be the future market for ITAG."

The group includes six companies: ITAG (Hermann von Rautenkranz Internationale Tiefbohr GMBH & Co. KG), a holding and gas production company; ITAG Tiefbohr GMBH & Co. KG, drilling and workover; Austrian Drilling & Production Services GMBH, drilling and workover; ITAG Anlagenbau GMBH, logistic and warehousing; ITAG L&R GMBH, drillstring components; and ITAG Valves & Oilfield Products GMBH, ball valves and oilfield equipment.

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