Royal Institute of Traditional Arts implements Saudi-Chinese cultural exchange program    Localization in Saudi military industries rises to 19.35%    Logistics park for vehicles worth SR300 million to be set up at Dammam port    Commerce Ministry recalls 6,500 Genesis cars due to risk of fire    HONOR KSA expands its presence with new flagship Experience Store in Riyadh HONOR's first flagship store in KSA provides visitors with a premium experience, exciting offers and free services    Saudi, Iranian foreign ministers discuss Oman-mediated talks with US    Prince Sultan University launches first bachelor's program in language and media    Al-Falih: Eastern Province hosts 700 investment opportunities worth SR330 billion    Putin announces three-day Russian ceasefire in Ukraine from 8 May    Crown Prince donates SR1 billion to support housing for eligible families    Pakistani military says it killed 54 militants attempting to cross border from Afghanistan    Suspect charged after Vancouver car ramming leaves 11 dead    Eight hundred Houthi targets hit after weeks of strikes, says US    Rock & Roll Hall of Fame picks Outkast but not Oasis    Duran leads Al Nassr past Yokohama Marinos into AFC Champions League Elite semi-finals    Al Ahli cruise past Buriram into AFC Champions League Elite semi-finals    Saudi orchestra to perform at Sydney Opera House in May    Al Hilal thrash Gwangju to reach AFC Champions League Elite semi-finals    Saudi Theater Commission launches its Work and Learn Project in UK    The season has begun — and one comment shook us all    Pakistani star's Bollywood return excites fans and riles far right    Veteran Bollywood actor Manoj Kumar dies at 87    Bollywood actress vindicated over boyfriend's death after media hounding    Grand Mufti rules against posting prayers and preaching in mosques on social media    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al Qahtani in deal on steel pipe plant
Published in The Saudi Gazette on 15 - 06 - 2011

JEDDAH: Chu Kong Petroleum and Natural Gas Steel Pipe Holdings Limited, together with its subsidiaries, the largest longitudinal submerged arc welded pipe (LSAW) manufacturer in China, said Monday that Panyu Chu Kong Steel Pipe Company Limited, the group's wholly-owned subsidiary, entered into an agreement with Abdel Hadi Abdullah Al Qahtani & Sons, Co. to establish a joint venture company with a total capital of $106 million.
The JV company will be owned 50 percent by PCKSP and 50 percent by AHQ and the total investment commitment in the JV company by the group will not exceed $53 million.
The proposed principal business of the JV company will be the manufacturing and sale of LSAW steel pipe and ERW steel pipe. Pursuant to the agreement, the JV company will set up two mills in two phases including one LSAW plant and one ERW plant with an annual design capacity of 300,000 tons and 200,000 tons respectively.
Chen Chang, chairman of the Group, said "the JV company is the first company in the region to provide LSAW steel pipe in the local market and therefore effectively filling a large gap in the requirements of the market.
The establishment of the JV company not only increase the group's production capacity and develop, strengthen and expand the market shares of our products in Saudi Arabia and other neighboring countries, it can also create enormous synergy effect for the group.
The group could benefit from having lower cost of delivery by setting up production plants in the vicinity of the group's established customers and potential clients. 2011 is a year that global infrastructure projects are picking up their pace of development, and the demand of international steel pipe market has been on the rise since the end of last year.
The agreement can leverage “on our experienced management team, research and development capabilities and state-of-the-art technology.”


Clic here to read the story from its source.