UrBC, Yekaterinburg, October 17, 2019. ChelPipe Group signed a number of cooperation agreements with large industrial holdings in Saudi Arabia within the framework of Russian President Vladimir Putin’s state visit to the Kingdom, the Group’s press service reports.

The agreements were signed on the Russian Direct Investment Fund’s platform.

‘A mutually beneficial cooperation agreement was signed between ChelPipe Group and Lamar Saudi United Holding Company; Chair of the Board of Directors at ChelPipe Group Andrei Komarov and President of Lamar Saudi United Holding Company Dr. Lina Noureddin put their signatures on the paper,’ the press service says.

The agreement will help the parties involved negotiate the terms of product delivery for the Middle Eastern businesses, work on a prospective joint venture, and consider the possibility of localizing production in Saudi Arabia.

‘ChelPipe Group is quite interested in further cooperation with Saudi Arabia’s largest industrial holdings. The company has some successful experience of working on the Middle Eastern market, supplying weld-less pipes to local customers. I’m positive this agreement will strengthen our existing business ties and will help reinforce ChelPipe Group’s presence on this market,’ says Chair of the Board of Directors at ChelPipe Group Andrei Komarov.

ChelPipe Group will be supplying its produce to Saudi Arabian companies in the oil and gas sector, the chemicals industry, the energy sector, the water treatment industry, and the nuclear industry. One such company is Saudi Aramco: a memorandum of understanding was signed with this business as well. ChelPipe Group’s Director-General Boris Kovalenkov put his signature on the paper on the Group’s behalf.

ChelPipe Group supplies its produce to over fifty different countries; in 2019, its exports rose by 10%.