Riyadh – Mubasher: Saudi Arabian Oil Company (Saudi Aramco) has signed contracts with Tadawul-listed companies for manufacturing and supply of steel pipes with a combined value of SAR 2.95 billion.
Aramco signed the first contract with Group Five Pipe Saudi Company for manufacturing and supplying spiral-welded steel pipes tailored for one of the projects owned by the major oil producer, according to a bourse filing.
Inked on 30 May 2024, the contract is worth SAR 1.30 billion for a one-year term.
Aramco also penned a group of contracts with East Pipes Integrated Company for Industry for a total value of more than SAR 1.65 billion.
The contracts cover manufacturing and supplying of steel pipes for 19 months as of the date of signing on 30 May.
In February, Group Five Pipe Saudi signed SAR 30 million contract with Aramco.
East Pipes Integrated inked sealed a SAR 170 million deal with Aramco in December 2023.
It is worth noting that Aramco logged a net profit of SAR 102.27 billion in the first quarter (Q1) of 2024, down from SAR 119.54 billion in Q1-23.
