SSP secures SAR 118.5 million loan

The Saudi Steel Pipes company announces that it signed (on May 4, 2013) a credit facility agreement with the Saudi Industrial Development Fund valued SAR 118.5 million to finance:

• Project for steel pipes according to the American Petroleum Institute specifications up to 8” diameter.
• The project for coating pipes up to 30” diameter.
• The project for oil and gas well coating pipes up to 20” diameter.

Production will be in the company’s plant at Dammam Second Industrial City. The loan will be paid back in 13 varied semi-annual installments, as scheduled, and is collateralized by the project’s fixed assets. The loan’s tenure is nine years starting 2015.

The projects above aim at adding new product line and enhancing the company’s competitiveness to a wider client base.

The said projects are under construction and test operation will be in Q4, 2013 and early 2014.