The Arab Petroleum Investments Corporation (Apicorp) has acquired a 5.62 per cent stake in Saudi-based The Industrialisation and Energy Services Company (Taqa) from Arabian Pipes Company.

The development bank, owned by the Organisation of Arab Petroleum Exporting Countries (Oapec), is now the third-largest shareholder of the Riyadh-based industry and energy firm, which is 45 per cent owned by the Saudi government and 10 per cent by the Qatari government.

Taqa operates in drilling, geophysical services, oil field services, seamless pipe manufacturing, industrial gases, and oil and gas offshore platform fabrication.

Joint ventures in which it is a majority shareholder include Arab Drilling Company, established in alliance with Schlumberger; Arabian Geophysical & Surveying Company, formed in partnership with CGG Veritas; and Al-Jubail Energy Services Company.

In 2012, the company reported a net profit of SR175m ($46.6m), with total assets of SR7.8bn.