Baker Hughes and Saudi Arabia's state-owned Dussur have agreed to form a JV focused on providing oilfield services and industrial chemicals in the country.

Texas-based oilfield services provider Baker Hughes will hold 51% of the JV under the agreement that is expected to close in the 3Q.

Dussur, or Saudi Arabian Industrial Investments Company, is owned by the nation's sovereign wealth fund (PIF), oil company Saudi Aramco and SABIC, the world's fourth-biggest petrochemicals firm.

The JV will continue to operate under the Baker Hughes brand and its manufacturing facility in Jubail city will supply chemicals focused on the needs of Saudi Arabia.

In 2020, Baker Hughes formed a JV called Novel with Saudi Aramco to develop non-metallic products for multiple applications in the energy sector.