Saudi Steel Pipe wins $28.7m Takreer contract

The company successfully worked on the refinery's first phase.

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Saudi Steel Pipe Company, the product supplier to industrial construction, yesterday signed a letter of award to supply ERW pipes for the second phase of an inter-refineries project by Abu Dhabi oil Refinery Company.

The company will supply 489 km of different sizes from the second half of 2011, a SAR 108 million contract signed in conjunction with main contractor, Korea’s GS Engineering & Construction Company.

The upcoming supply will use raw materials from Saudi Iron & Steel Company, a division of Saudi Basic Industries Corporation that is also known as Hadeed, and follows the company’s completion of the project’s first phase in association with Dodsal Engineering Company in 2005.

Saudi Steel Pipes Company said it competed with 28 other companies to secure the contract, the proceeds of which will appear on the company’s financial results at the end of next year.

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FEATURED COMMENT Fantastic contract for SSP which shows their commitment to other customers than Aramco, despite the market perception.   1 Comments Read more comments »

Earlier this month, the company announced it would issue a dividend to shareholders of SAR 1 per share. The company’s stock closed up 2.3% in Riyadh yesterday to SAR 24.1.