Saudi Aramco signed several contracts with Group Five Pipe and Integrated Pipes for Industry to supply steel pipes for its projects, with a value of more than 3.1 billion riyals, according to two separate disclosures by the two companies on the Saudi stock market.
Aramco is heading to raise up to $12 billion (44.8 billion Saudi riyals) from selling an additional share of its shares in the Saudi market, in a secondary offering, of 1.545 billion shares, representing about 0.64% of the company’s issued shares.
Group Five said that it had signed two contracts with the Saudi oil giant, with a total value of 1.48 billion riyals, to manufacture and supply spiral-welded steel pipes in one of the projects owned by the company.
The East Integrated Pipe Company for Industry also announced the signing of several contracts with Aramco worth more than 1.65 billion riyals, to carry out the work of manufacturing and supplying steel pipes.
Last week, Arabian Gas Services Company signed two contracts with Aramco worth about 761 million riyals, to carry out engineering, supply and construction work in the main gas network expansion project in the company’s projects in the Kingdom.
