Saudi Arabia's Gas Arabian Services Co. (GAS) has marked a joint venture (JV) agreement Tubefit Engineers, India, to set up an organization in the kingdom with an all-out capital of 5 million riyals ($1.3 million).

Tubefit Arabia Factory LLC, in which GAS will have 47% proprietorship and Tubefit Engineers, India will have 53% ownership, will manufacture instrumentation fittings and valves, the organization said in a statement on Riyadh's Tadawul bourse on 16th August.

GAS will finance its share of the investment, totalling SAR 2.35 million, from its own resources.