AlWasail Industrial Company, a leading manufacturer of pipes and fittings in Saudi Arabia, has reached an agreement with global petrochemical giant Sabic to buy key raw materials and products for the manufacturing activities at its plant.
AlWasail Industrial said these raw materials are needed in the manufacture of more than 90% of its products, including polyethylene pipes and its derivatives.
As per the deal, 60,000 metric tonnes of raw materials are being acquired from Sabic for an estimated value of SR300 million ($80 million), stated AlWasail Industrial in its filing to the Saudi bourse Tadawul.
The entire supply will be completed by the end of this year, it stated.
The financial impact will be reflected on the company's financial results by increasing production starting from the first quarter of 2023, it added.-TradeArabia News Service