OIC takes 30pc stake in pipe project

Muscat, April 13, 2008

Oman Investment Corporation (OIC) has taken a 30 per cent stake in Gulf International Pipe Industries (GIPI) for $30 million, a  report said.

GIPI is a prestigious project coming up in Oman’s Sohar Industrial Estate, to produce 250,000 tonnes of line and casing pipes per annum, the Oman Times report said.

The groundbreaking ceremony of the plant will be held on April 15 under the auspices of Sayyid Hilal bin Bader bin Ali Al Busaidi, wali of Sohar.

Tags: OIC | Pipe Industries |