Riyadh – Mubasher: Saudi Steel Pipe on Wednesday announced that its subsidiary Global Pipe Company, of which it owns 35%, has been awarded a manufacturing and supplying contract by the Saudi Arabian Oil Company (Saudi Aramco).

The contract is worth SAR 250 million ($66.7 million), the firm said, adding that the production and financial impact of the contract will be seen in the first half of 2018, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The statement stated that Global Pipe Company is a joint project with the German company, Erndtebrücker Eisenwerk (EEW), and other Saudi partners.

In July, Saudi Steel Pipe Company won a contract worth SAR 245 million ($65.3 million) by Saudi Aramco for the supply of steel pipes.

Saudi Steel Pipe’s stock closed Wednesday’s trading session stable at SAR 16.78.