Gas Arabian Services, Italy’s Bonomi Set Up Saudi Valve JV

Gas Arabian Services Co. announced on Sunday it has signed a joint venture agreement with Italy’s Bonomi Group to establish a valve manufacturing company in Saudi Arabia.

The new entity, Bonomi Saudi Arabia Factory LLC, will be formed with a capital of SAR 5 million. Bonomi will hold a 60% stake, while Gas Arabian Services will own 40%.

Gas Arabian Services said it will finance its SAR 2 million contribution from internal resources. The company expects a longterm positive financial impact, subject to regulatory approvals and fulfillment of partnership terms.