November 6, 2017 / 10:10 AM / a year ago

ABB gives control of oil, gas projects business to Saudi's Arkad

ZURICH, Nov 6 (Reuters) - ABB is giving up control of an oil and gas projects business by creating a joint venture with Saudi Arabia’s Arkad Engineering & Construction amid ongoing weakness in the sector brought on by low energy prices.

The Zurich-based company said on Monday it will put its oil and gas engineering, procurement and construction (EPC) activities into the collaboration with Arkad “to better serve current and future oil & gas EPC customers.” (Reporting by John Miller; editing by Brenna Hughes Neghaiwi)

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