Dhahran, December 7, 2021 – Industrialization and Energy Services Company (“TAQA”), based in Dhahran, Saudi Arabia announced today that it signed a Non-Binding Preliminary Memorandum of Understanding (“MOU”) with Newpark Fluids Systems (“Newpark”), based in Houston, Texas, USA to establish a joint venture in Saudi Arabia to provide oilfield chemicals and other high performance related products and services, including drilling and reservoir (completion) fluids, industrial minerals and related services in Saudi Arabia with further potential future expansion into other strategic territories.