DUNDEE-based chemical company, Stakam, is expanding its operations following a significant six-figure investment by Saudi Multichem, an independent oil field chemicals manufacturing company.
The investment and subsequent partnership between Dammam-based Saudi Multichem and Stakam will result in an increase in headcount, and the potential for multi-million-pound revenue growth for Stakam.
Stakam Founder and Managing Director Alistair Watson said: “This investment by Saudi Multichem will provide access to new markets and the potential for significant growth.
“We are pleased to be Saudi Multichem’s first partner in the UK and are confident that the partnership will be the first of many international ventures for Stakam.”
Abdur Rayman Adil, General Manager, has joined the Board of Stakam as a Director and has a wealth of oilfield service experience including key leadership roles.
“Saudi Multichem’s joint venture with Stakam is a significant milestone marking our first strategic alliance with a UK-based company for our oilfield chemicals business,” he said.
“Our new partnership will complement our existing in-house manufacturing and R&D capabilities and will be focused primarily on polymers for Saudi Arabia’s oil and gas sector, while also developing new products and Intellectual Property (IP) in the Kingdom, and exploring local, regional and international business opportunities.
“Our investment in Stakam UK, and Stakam’s partnership with Saudi Multichem provides a roadmap for meaningful collaboration and growth. We are excited to draw from the expertise and resources of both organisations, which enhances our capabilities in meeting Saudi Arabia’s oil field chemical needs.”
Stakam was established in 2016, as a craft chemical and polymer company. The company manufactures and supplies products into the oil and gas sector, as well as polymers for the construction industry and, more recently, Potassium Acetate and Potassium Formate production.
At the start of the pandemic, Stakam pivoted its focus to produce much-needed components for hand-sanitiser, supplying companies across the UK, which led to a significant uptick in its productivity. It has now returned focus to its core business.