By: ICN Bureau
Last updated : January 24, 2023 11:52 am
The company has announced signing contracts with Petrojet Co. with a total value of around SAR 196 million inclusive value added tax
Welspun Corp Limited has informed that its associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has announced signing contracts with Petrojet Co. with a total value of around SAR 196 million inclusive value added tax. The financial impact of this will be in Quarter 1 and 2 of FY 2023-24.
EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. Its fully integrated manufacturing facilities, track record of effective execution, and technological know- how, enable it to remain well-placed to secure further projects both in the water and oil & gas sector.
The company has also got the order for the supply of steel pipes for water transmission. Multiple contracts signed off with NEOM for a total value of around SAR 373 million inclusive of value added tax. The pipes have to be supplied within 12 months and the financial impact of this will be starting in Quarter 1 of FY 2023 -24.