Saudi Aramco, one of Saudi Arabia's major oil and gas companies, signed a contract worth approximately $ 493 million with East Pipes Integrated Co, Saudi Steel Pipe Co and Group Five Pipe Saudi for the supply of steel pipes. Following this announcement, the share prices of Saudi Steel Pipe increased by 3.41%, East Pipes Integrated by 9.93% and Group Five Pipe by 4.86%.
East Pipes Integrated Co., which has an annual production capacity of up to 500,000 tonnes of pipes used in water, oil and gas projects, signed a $479.9 million contract to manufacture and supply steel pipes to the oil company.
Saudi Steel Pipe Co. announced the five-month contract with Aramco in Tadawul. According to the contract, Aramco signed a SAR 50.2 million contract to supply steel pipes to the oil and gas industry.
Group Five Pipe Saudi, on the other hand, maintains five production lines and has an annual production capacity of 500,000 metric tonnes of spiral pipes. In September 2022, Saudi Steel Pipe signed a $40 million contract with Aramco.
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