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Thursday, April 26, 2018 22:41 GMT
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."