|31 December, 2019

Saudi Steel Pipe agrees oil deal

The production and financial impact for the contract are expected to materialize within the last quarter of 2020

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Image used for illustrative purpose.

REUTERS/Ahmed Jadallah

Riyadh –   Saudi Steel Pipe Company has been awarded a contract for the supply of oil and gas pipes for an amount exceeding 5% of its revenues.

The deal was finalized on 31 December 2019, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The production and financial impact for the contract are expected to materialize within the last quarter of 2020 and the first quarter of 2021, the statement noted.

Source: Mubasher

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