Deal Note: Crowell & Moring Represents Gulf Tubing Company in US$1 Billion Project to Build Seamless Tubing Manufacturing Plant in Saudi Arabia
Washington, D.C. - June 25, 2014: Crowell & Moring LLP is representing Gulf Tubing Company, a Saudi company, as it enters into a binding exclusive memorandum of understanding (MOU) with international firms Larsen & Toubro Limited in India, SMS Meer GmbH in Germany, and Vitkovice Heavy Machinery in the Czech Republic, to develop and build a first of its kind US$1 billion seamless tube manufacturing plant in Ras Alkhair, Saudi Arabia. The new plant will be the first in the Middle East to produce seamless pipes with diameters of 19 millimeters to 137 millimeters. The pipes will be used for industrial and construction equipment, including drill pipes, oil and gas well covers, pipeline steam boilers, heat exchangers, and petroleum furnaces, construction pipelines, mechanical equipment, and small pipelines. Alinma Investments, a leading Saudi investment bank, is acting as the lead financial advisor for the project. The project was announced on June 15, 2014, with construction expected to begin in 2015 and completion scheduled for the summer of 2017.
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