UAE sovereign fund Mubadala Investment Company has signed an agreement with Spain’s Tubacex to buy 49 percent of its tubular solutions business for oil and gas exploration and production (OCTG) for $150 million.

Mubadala will also partly invest in the new plant for pipe finishing and threading operations, which Tubacex is building in Abu Dhabi, the Spanish-listed company said in a statement.

The Spanish company received its largest order in June 2022, supplying 30,000 tonnes of corrosion-resistant alloys OCTG solutions for gas extraction in the Middle East Abu Dhabi National Oil Company (ADNOC) over ten years.

In June 2023, Khalifa Economic Zones Abu Dhabi (Kezad), Abu Dhabi’s integrated economic and industrial hub, signed a land lease agreement with Tubacex to develop a 50,000 sqm manufacturing unit for OCTG-CRA tubular solutions. The plant is expected to be operational towards the end of 2024.

(Writing by P Deol; Editing by Anoop Menon)


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