About a decade ago, a Qatari entrepreneur with rich experience in administering the country’s leading oil and gas companies, decided to make investments in a Germany-based oilfield equipment manufacturer, which was also a major European drilling and service firm.
Although ITAG’s technology was time tested, difficult political and economic situation in Germany and Europe shook the company and threw it into bankruptcy. Calls for financial assistance were not honoured by many banks, who did not find the proposals feasible.
Believing in ITAG’s technology, technical know-how, and experience spanning more than a century, Dr Jaber al-Marri decided to invest in ITAG, founded in 1912 by Hermann von Rautenkranz, a German oil industry veteran.
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