MILAN, Aug 23 (Class Editori) - New multi-billion dollar contracts for Tenaris, the Techin group company owned by the Rocca family. Adnoc announced the assignment of three contracts worth a total of 3.6 billion dollars (3.24 billion euros at current exchange rates) for the supply of pipes and coatings to the Italian company Tenaris, the French Vallourec and the Japanese Marubeni.
Over the next five years, the three companies will have to supply one million tons of pipes and coatings capable of creating added value through an intelligent approach to procurement in the upstream sector.
The National Oil Company of Abu Dhabi has revealed that the budget of the three contracts awarded with the aim of offering a more profitable upstream activity is one of the highest in the world. This allocation represents the first of a series of procurement costs, linked to drilling, which Adnoc intends to address in the next five years. The expansion initiatives were approved by the Abu Dhabi Supreme Oil Council in November 2018.
Equita analysts have estimated that the amount of Tenaris's contract is equal to 1.2-1.8 billion dollars, assuming that Tenaris has acquired between 33% and 50% of the contract, to be spread in five years, amounting to 3/4% of annual turnover.
(Source:Class Editori)
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