The Industrialization & Energy Services Company (TAQA) was established by Ministerial Decree in May 2003 and obtained its commercial registration later that year. TAQA is a Saudi Joint Stock Company and has been endorsed by the Ministry of Petroleum & Mineral Resources since its inception and during its formative stages. TAQA is owned 45% by the Saudi Government, while the remaining 55% is owned collectively by Joint Stock Companies and several private and industrial investors representing a cross-section of the Saudi industrial community. The Government’s share through the Public Investment Fund (PIF) was contributed in-kind by transferring from Petromin to TAQA the Government’s 51% ownership in the Arabian Drilling Company (ADC) and the Arabian Geophysical and Surveying Company (ARGAS). The balance of TAQA’s share capital was contributed in cash by the other Saudi investors. TAQA’s share capital was increased in May 2006 from SR 533 million to SAR 2,000 million. The company’s main objectives are to localize industry, transfer technologies, increase local content and create employment opportunities for Saudi nationals. While serving as a platform to attract equity partners and to form strategic alliances, TAQA plays the role of a project developer. Its broad charter allows the company to participate in a spectrum of activities including oil and gas exploration and drilling, conducting geophysical surveys and establishing a wide range of industries and services in support of oil and gas, metals, petrochemicals, mining, electricity and water sectors, either directly or by forming specialized subsidiaries.