Riyadh-based
Arabian Pipes Co. said Wednesday it secured a contract worth more than 315
million Saudi
riyals ($84 million) from South Korea's GS Engineering & Construction Corp.
to supply oil pipes to the capital of the United Arab Emirates.
The firm will supply the pipes next year and the contract will have a positive
impact on the 2011 third and fourth-quarter earnings, it said in a statement
posted on the Saudi
bourse website.
The pipes will be manufactured in the company's new plant in Jubail.