East Pipes Integrated Company for Industry (EPIC), an associate company of homegrown Welspun Corp Ltd (WCL), has secured an order worth SAR (Saudi riyal) 1.8 billion from Saudi Aramco.
"This is one of the single largest orders for EPIC from Saudi Aramco and represents the major share of the first package of the Master Gas Phase 3 project."
"Associate company EPIC in the Kingdom of Saudi Arabia (KSA) has signed a contract for the supply of large diameter steel pipes with Saudi Aramco for a total value exceeding SAR 1.8 billion (around Rs 4,000 crore) inclusive of value added tax," WCL said in a statement on Monday.
Saudi Aramco is extending the existing Master Gas System (MGS) to the western province of KSA in order to supply the power plants located there. The development and expansion of the MGS will have a major impact, not just on the existing gas network capacity, but also to accelerate the drive towards a cleaner energy mix, helping to reach the net-zero emission goal set by the country, it added.
EPIC is a leading manufacturer of helical submerged arc welded (HSAW) pipes.
The flagship company of Welspun Group, WCL is one of the largest manufacturers of large-diameter pipes globally and has established a global footprint across six continents and 50 countries by delivering key customised solutions for both onshore and offshore applications.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM