Saudi Steel Pipe inks $25.86mln supply contract with Aramco

Reuters Images/Ali Jarekji

Under the 10-month contract, Saudi Steel Pipe will supply oil and gas steel pipes to Saudi Aramco

Staff Writer, Mubasher

May 23, 2022

PHOTO

Riyadh – Saudi Steel Pipe Company has signed a SAR 97 million supply contract with Saudi Arabian Oil Company (Aramco).

Under the 10-month contract, Saudi Steel Pipe will supply oil and gas steel pipes to Saudi Aramco, according to a bourse filing on Sunday.

The order's financial impact is expected to be registered in the first and second quarters of 2023.

It is noteworthy to mention that in the first quarter (Q1) of 2022, Saudi Steel achieved net profits after Zakar and tax of SAR 14.53 million, against net losses of SAR 8.48 million in the year-ago period.

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