Saudi Amiantit forms joint venture in India for $22 million fuel tank contract
Following the establishment of the Saudi-Indian joint venture company Amitech Pipes Systems, Saudi Arabian Amiantit Group has been awarded a contract worth 82.5 million Saudi riyals ($22.4 million) for the supply of 5,000 underground fuel storage tanks for Indian Petroleum company Reliance Industries.
The tanks will be made in India by Amitech Pipes Systems India, which was established for the manufacture of GRP pipes, tanks and fittings using a Flowtite machine licensed by Amiantit Technology, a company fully owned by Amiantit. The joint venture is 70 percent owned by Amiantit Holding International, Bahrain and 30 percent by the Salgaocar Group.
GRP underground and aboveground tanks are manufactured by the Amiantit Group with volume capacities of up to 48,000 gallons for storing gasoline, aviation and jet fuel, diesel fuel, and potable or waste water. Amiantit GRP tanks are resistant to corrosion and are therefore friendly to the environment because of their non-leakage properties.
The Saudi Arabian Amiantit Company was established in 1968 in Dammam and is a joint stock company with a paid-up share capital of SR 650 million. Its shares are traded on the Saudi Stock Exchange. The prime activity of the company is to initiate and manage new industrial projects, and market its technologies and products. The company also monitors and controls the business of all the Amiantit Group subsidiaries through its corporate management office in Dammam, Saudi Arabia. — (menareport.com)
© 2003 Mena Report (www.menareport.com)