Saudi pipe producer secures $25m steel pipe contract with Uruguay’s Tenaris

RIYADH: The Saudi Steel Pipe Co. has completed a deal to supply oil and gas steel pipes to Uruguay’s Tenaris Global Services.

The deal, which is valued at SR94.7 million ($25 million), is expected to have a financial impact in the second half of this year, the company said in a bourse filing.

In March, Saudi Steel signed a deal with Uruguay’s Tenaris Global Services to supply it with oil and gas steel pipes valued at SR139 million ($37 million).

In Sunday’s trading, Saudi-based pipe manufacturers closed up 0.46 percent, at SR22.08.