Riyadh – Mubasher: Global Pipe Co., the subsidiary of Saudi Steel Pipe on Wednesday signed an agreement to export steel pipes to Turkmengas Co. at a value of SAR 150 million.

Pipes’ production will start on the first quarter of 2018, and financial impact of the transaction will appear in Q2-18, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

Saudi Steel Pipe owns a 35% stake in Global Pipe Co..

By 2:12 pm KSA time, Saudi Steel Pipe’s stock rose 2.41% to reach SAR 14.90.