After an initiative from the Saudi private sector, the first private petroleum company has been established under the name of PETROLEUM AND MINERALIZATION company (petrolec) and its headquarters lies in ELKHABAR in the eastern province.
Dr. Rashid Apanmi (chairman of the company) stated that the company has actually started it's activities and going into competitions for petroleum projects in Saudi Arabia, Kuwait, Qatar, UAE, and Oman.
Dr.apanmi also declared that the commercial feasibility study of the Saudi market has shown the need to establish such company and involving the private sector in the industry as a strategic player in the country. Petrolec is offering a complete package in petroleum industry and services by developing oil ,gas and mining industries. This is done by new exploration activities, drilling and maintaining oil wells. Also Petrolec is specialized in running petroleum and industrial facilities including all the electronic and mechanical works. Petrolec also provides special services such as building and maintaining tanks, repairing machines and turbines, providing spare parts, and constructing pipelines networks..
Petrolec is planning to invest in construction of buildings and implementing all projects needed to supply the company with it's needs from raw materials and other needs for the industry.