Oman-based asset manager Saj Investments has acquired the Omani oil field services company Hema Energy.

The acquisition was announced in a statement issued by Saj Investments on 10 June.

An agreement has been signed by Saj Investments CEO Shaikh Nasser bin Amer al-Hosni and Hema Energy managing director Eyhab bin Adnan al-Hajj.

Under the terms of the deal, Al-Hosni will become chairman of the board of Hema Energy.

Hema Energy was founded in 2011 and operates across both upstream and downstream sectors as well as offering consultancy services.

In a statement, Al-Hosni said a restructuring plan for Hema Energy has been developed, which includes diversifying its services and strengthening its current seven subsidiaries.

Al-Hajj said: “We are proud to be part of Saj Investments and believe that this will contribute to the expansion, investment and business development plans of Hema Energy Group.

“Hema Energy Group has managed in a short period to establish its brand as a well-diversified and highly integral group in the oil sector, which started with the use of technology and innovation in the extraction of heavy oil and grew to have a presence and representative offices in China, the Gulf states and some European countries.

“Besides representing many international companies in the field of energy, Hema — through its expertise — offers unique solutions to the challenging operating environments faced by major operators and companies.”

Hema Energy’s five-year plan includes expanding in sectors that include the provision of oil and gas solutions, renewable energy, and petroleum consulting both within Oman and internationally.