Middle East Economic Survey

VOL. XLVIII

No 1

3-January-2005

SAUDI ARABIA

Al-Bakry/ChevronTexaco Set Up Lubricants Venture In Jiddah

Local Saudi company al-Bakry International Energy Company (51%) and ChevronTexaco Middle East Holdings (49%) have set up a joint venture in Jiddah, ChevronTexaco al-Bakry Lubricants, with a paid up capital of SR5mn ($1.33mn) divided into 50,000 shares of SR100 ($27) each. The new venture will produce, market and distribute lubricants and cooling water for radiators and...