ABB Gives Control of Oil, Gas Projects Business to Saudi's Arkad

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."