Riyadh – Mubasher: Arabian Pipes Company on Sunday has signed a six-month contract with the state-owned Saudi Aramco at a value that exceeds SAR 41 million.

Under the agreement, Arabian Pipes will provide Aramco with longitudinal-submerged arc-welded (LSAW) pipes, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm will start supplying the largest global oil firm with the LSAW pipes from the third quarter of 2019 from Jubail industrial city’s plant.

Arabian Pipes expected that the transaction’s financial impact will begin to appear in Q3-19.

In February, Aramco awarded a contract at a value of SAR 229 million to Arabian Pipes Company to provide it with steel pipes.

Arabian Pipes last reported turning to losses during the third quarter of 2018, after incurring SAR 16.8 million, against achieving SAR 6.6 million profits in the year-ago period.

Arabian Pipes Company’s inched down 0.94% to close Sunday's trading session at SAR 10.54.