IPIC awards 460 million dollars contract
posted on 02/01/2008 - Emirates News Agency, WAM
International Investment Company IPIC said Monday it awarded contracts worth 460 million dollars to three companies to supply pipes for a domestic crude oil export pipeline linking Abu Dhabi and Fujairah. IPIC, an Abu Dhabi government investment firm, split the contract for a total of 225 thousand tons of coated steel pipes between Sumitomo of Japan, Salzgitter Mannesmann International of Germany and Jindal Group of India. First delivery of the pipe will be in July 2008 and the whole deal will be completed in January 2009. Abu Dhabi plans to build the 360-kilomter pipeline to transport up to 1.5 million barrels a day from Habshan oil fields to Fujairah to bypass the Strait of Hormuz through which Arabian Gulf producers' ship crude oil exports.
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