Hadid Engineering joins Kazakhstan’s Union of oilfield service companies (PHOTO)

ALMATY. KAZINFORM - A memorandum on cooperation between the Malaysian oil company Hadid Engineering and the Union of oilfield service companies of Kazakhstan (KazService) was signed in the city of Almaty.

According to Rashid Zhaksylykov, chairman of the presidium of KazService, the Union was established five years ago to increase local content in servicing subsoil users.

The Union includes more than 120 suppliers, both domestic and foreign, from Holland, Norway, Germany and other countries. In connection with the situation on the world oil market the companies' amount of work decreased by 40%.

"It is a relatively new but promising sub sector for Kazakhstan's economy. The annual turnover of service work is about $10-12 bln. The share of Kazakhstan companies in engineering is 50%, logistics - 18%, construction - 58%, maintenance - more than 80%," said the representative of KazService.

According to Genghis Nabiyev - General Director of LLC "Hadid Oil & Gas", subsidiary of Hadid Engineering, Malaysia has wealth experience in oil and gas industry and services in particular.

Malaysian Ambassador to Kazakhstan Dato' Hidayat Abdul Hamid said that his country sees great potential in the development of bilateral economic relations with Kazakhstan.