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Amiantit Fibreglass awarded contracts worth SR72 million
Amiantit Fibreglass Industries India, Ltd., a joint venture company formed with the Saudi Arabian Amiantit Company and the Salgaocar Group of Goa, India has been awarded four contracts amounting to SR72 million ($19.2 million).
The three main orders worth SR70 million ($18.6 million) are for Amiantit Flowtite corrosion-resistant, environment-friendly pipe systems for domestic water supply distribution in the Indian states of Rajasthan, Andhra Pradesh, and Kerala.
The fourth order for 70 double-wall storage tanks, which is also produced using the Flowtite fiberglass continuous filament winding process, a manufacturing technology for which Saudi Amiantit owns the exclusive world patents, is from an international oil company in India.
"Amiantit Fiberglass India has been a winner all the way since the day the manufacturing facility in Goa commenced operations in 2004," said Fareed Al-Khalawi, president & CEO of the Amiantit Group. "While our core product there is pipe systems, there has been an exceptionally large demand for our single and double wall tanks for both above ground and underground storage of gasoline, with large orders coming from two of India's leading privately owned petroleum companies, both of which are in the process of expanding their retail gas stations enormously," Khalawi said.
Amiantit, the largest producer of GRP pipes and tanks in the world, is the leading pipeline manufacturer deriving the technology to produce GRP double wall tanks developed in Saudi Arabia by Amiantit Fiberglass Industries Ltd. (AFIL), an Amiantit Group company, the first to develop and put into production double wall tanks made in reinforced fiberglass using automated process.
According to Assim Al Hakeem, a spokesman for Saudi Arabian Amiantit Company, the completion of the work recently contracted for Amiantit in India, will positively impact the lifestyles of the citizens of the three signed cities and provide even more evidence of the growing economy and improvement India is making for its people.
The company's current wave of success is the result of Amiantit's programme of globalisation, which began in 2000, and the investment in strategically located manufacturing facilities now paying dividends due the worldwide demand for Amiantit's environment-friendly pipes. Confirmed orders expected for delivery by the end of 2007 have reached nearly SR1.7 billion (US$453 million).
The Saudi Arabian Amiantit company was established in 1968 in Dammam as a limited liability company and was converted into a joint stock company in 1994 boasting a paid up capital currently standing at SR1.155 billion ($308 million) and presently has shares listed on the Tadawul, the Saudi stock exchange.
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