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Arabian Pipes Co. snatches supply deal for Saudi Aramco refinery

The Tadawul All-Share Index closed flat at 8,002 points on Wednesday. The shares of Arabian Pipes Company closed unchanged, too, at SR21.25. Earlier in the day, the company said in a filing to the Saudi bourse it signed on Tuesday a contract for supply welded steel pipes to Hanwha Engineering & Construction Co. which is one of the major contracting companies for Jazan refinery project owned by Saudi Aramco. Saudi Aramco is the biggest oil company in the world. "The amount of the signed contract is SR49m and the supply of the project pipes will be during first quarter of 2014 from Jubail factory," said Arabian Pipes. The financial impact would appear in the same period of year 2014.