Welspun Corp has announced that its associate company, East Pipes Integrated Company for Industry (EPIC) in the Kingdom of Saudi Arabia (KSA), has signed a contract for the supply of large diameter steel pipes with Saudi Aramco for a total value exceeding SAR 1.8 billion (approximately INR 4,000 crores) inclusive of value added tax. The financial impact of the contract will be reflected in Quarters 3 and 4 of current financial year FY24, as well as Quarter 1 of the financial year FY25.
This is one of the single largest orders for EPIC from Saudi Aramco and represents the major share of the first package of the Master Gas - Phase 3 project. This is an extremely strategic project, where the kingdom of Saudi Arabia has embarked upon converting a number of power plants from oil to natural gas. In that perspective, Saudi Aramco is extending the existing Master Gas System (MGS) to the Western Province in order to supply the power plants located there. The development and expansion of the MGS will have a major impact, not just on the existing gas network capacity, but also to accelerate the drive towards a cleaner energy mix, helping to reach the net-zero emission goal set by the country.
EPIC is Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes. It’s fully integrated manufacturing facilities, track record of effective execution, and technological know-how, enables it to remain well-placed to secure further projects both in the Water and Oil & Gas sector.
