Amiantit Group unit in Oman wins US$11 million in GRE pipe orders

Composite Pipes Industry LLC of Oman, a member company of the Amiantit Group, has been awarded two contracts by Petrol Development Oman (PDO) for a total of 101 kilometers of glass reinforced epoxy (GRE) pipes worth more than $11 million as declared by CEO Eng. Fareed Alkhalawi...

DAMMAM, Saudi Arabia, May 31, 2005 -- Composite Pipes Industry LLC (CPI) Oman, a member company of the Amiantit Group, has been awarded two contracts by Petrol Development Oman (PDO) for a total of 101 kilometers of glass reinforced epoxy (GRE) pipes worth more than $11 million as declared by CEO Eng. Fareed Alkhalawi.

The first order, valued at $5 million and already completed, was for 53 km of 16" diameter crude oil transmission line from Lekhware to Dulaima in Northern Oman. The second order is for 48 km of 18" pipeline and worth $6.1 million was subcontracted from Galfar Engineering & Construction, the successful bidder for the contract to construct a pipeline to transport crude oil from Yibal to Al Huwaisa in Oman. CPI will design, test, manufacture and supply the GRE pipes, and also supervise installation of the entire 24 km x 2 pipeline.

GRE pipes fulfil the energy sector's demand for corrosion free piping systems and are used by the oil, gas and petrochemical industries. Amiantit operates four full-scale GRE production plants in GCC, including the Amiantit Epoxy Pipe Production Plant (Amipox) in Dammam, an SAR 30 million state-of-the-art manufacturing facility. Amipox high performance GRE products serve a variety of markets including industrial, oilfield, chemical, offshore, and marine. In addition to being corrosion free, GRE pipes are lightweight, easy to transport and easy to install. They are used as a cost effective alternative to metallic piping which often degrades and fails due to corrosion.

The Amiantit Company was established in 1968 at Dammam as a limited liability company and was converted into a joint stock company in 1994. It started with a paid-up share capital of 4,000,000 Saudi Arabian riyals (SAR) [US$1.07 million], which is currently standing at SAR 770,000,000 [US$205.3 million]. Its shares are traded on the Saudi Stock Exchange. The prime activity of the company is to initiate and manage new industrial projects, and market its technologies and products. The company also monitors and controls the business of all the Amiantit Group subsidiaries through its corporate management office in Dammam.

The Amiantit Group (www.amiantit.com) is a leading industrial organization with global strength and is comprised of companies in the Kingdom and abroad that manufacture various kinds of pipes, joints, fittings, tanks, rubber & insulation products, and related accessories. Other activities include own and transfer technology, and water project consultancy and management all around the world.

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