Contract is for supply of steel pipes to world's biggest oil exporter

Saudi Aramco has awarded a contract worth SAR149.8 million ($39.8 million) to pipe maker Saudi Steel Pipe Company, according to a bourse filing.

The deal is for the supply of oil and gas steel pipes to the world's biggest oil exporter, the company said in a statement to the Saudi Stock Exchange (Tadawul).

The financial impact of the contract, which is for a 15-month period, is expected to materialise in the second and third quarters of fiscal year 2023, the filing said.

The pipe maker posted a net profit of SAR11.74 million for the second quarter of 2022, a turnaround from the SAR8.08 million loss a year ago.

(Writing by Cleofe Maceda; editing by Seban Scaria )

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