SR720 Million Deal Signed to Produce Seamless Pipes in Saudi Arabia

A long-term SR720 million financing agreement was signed here by Jubail Energy Services Company (JESCO), a subsidiary of the Industrialization and Energy Services Company (TAQA), and the Public Investment Fund (PIF), a state-owned organisation established by a royal decree to provide finance to commercial ventures.

The funds will be used to finance part of the seamless pipe manufacturing facility being built in the industrial city of Jubail.

Hamad bin Mohammed Al Kanhal, JESCO’s board member, who signed the agreement on behalf of JESCO’s President Khalil Al Gannas, in Riyadh said that the company owns and develops all technical, financial and human capabilities required to secure a leadership position in this specialised global manufacturing sector. He added that TAQA owns 51 percent of JESCO, while the balance of the company’s share capital is owned by Saudi and foreign investors.

read more: Khaleej Times

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