GIC takes lead in bringing TMK as partner for its Oman pipe firm

Gulf Investment Corporation (GIC), one of the co-founders of Gulf International Pipe Industry L.L.C. (GIPI) located in Oman, announced that along with other shareholders, it has completed a strategic sale of 55% stake in GIPI to Capitoline Holdings Limited, a subsidiary of TMK, a producer of tubular steel products for the oil and gas industry.

GIC co-founded GIPI in 2007 to reduce the GCC’s dependence on import of finished products needed to service its strategic oil and gas sector. GIPI is the first ever high pressure ERW carbon steel pipe mill in the entire Middle-East to produce a range of 8” to 24” pipes. It also received the reputable international American Petroleum Institute certification in a record time of less than 6 months; this allowed it to produce both line pipes and casing pipes meeting the most stringent International Standards.

GIPI’s production capacity exceeds 200,000 tonnes annually and is currently supplying pipes to major oil and gas companies in the GCC countries. A strategic partner like TMK will also increase the reach of GIPI in the international market and add to its future growth.