Amiantit wins US$68 million in Saudi pipe contracts for oil, petrochemical markets

In a step to reinforce the leading position of Saudi Arabia's Amiantit Company, CEO engineer Fareed Yousef Al-Khalawi announced that it has won strategic contracts for projects worth US$50 million. The huge 4-meter diameter fiberglass pipes (GRP) will supply state-of-the-art plants Sharq and Yansab in the Royal Commission of Jubail and Yanbu with seawater for their cooling systems...

DAMMAM, Saudi Arabia, Oct. 2, 2005 -- In a step to reinforce the leading position of Saudi Arabia's Amiantit Company, CEO engineer Fareed Yousef Al-Khalawi announced that it has won strategic contracts for projects worth US$50 million. The huge 4-meter diameter fiberglass pipes (GRP) will supply state-of-the-art plants Sharq and Yansab in the Royal Commission of Jubail and Yanbu with seawater for their cooling systems.

Amiantit also won a number of contracts for ARAMCO worth US$18 million for supplying fiberglass reinforced epoxy (GRE) pipe systems used in fire fighting systems and for transporting petrochemicals and potable water. GRE systems are well known internationally for their high resistance to chemicals and industrial waste.

"These contract awards demonstrate the confidence and trust in the reliability and worthiness of Amiantit products. Our confirmed orders up till end of August mount to US$300 million in the Arabian Peninsula region only, which indicates the economical drive towards improving the infrastructure, a process Amiantit has been a great part in," said Al-Khalawi, who added, "These contracts coincide with Amiantit's increase of share capital through rights issue from US$205 million to US$306 million."

Founded in 1968 in Dammam, Amiantit (www.amiantit.com) today is a global industrial group with a presence in more than 70 countries. It is the world's biggest manufacturer pf fiberglass reinforced polyester (GRP) pipes and double and single wall storage tanks, which are manufactured using Flowtite™ technology for which Amiantit owns and licenses the world patents. It is also a leading manufacturer of epoxy pipes, ductile Iron pipes, concrete cylinder pipes, pre-stressed concrete cylinder pipes, reinforced concrete pipes, cement mortar lining of steel pipes, polymer concrete pipes and thermoplastic pipes.

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