RIYADH, 17June — The Aziz Corporation in Riyadh has signed a deal with a European firm to build a $1 billion plant to manufacture pipes to carry oil and gas, a company official said yesterday.
The official said the plant would start production by 2002, but refused to give details about the European company or the factory’s output capacity.
“We will disclose the name of the company and details of the deal in due course,” he added.
The plant would be the second biggest in the world and its pipes were aimed at the local and export market.
Saudi Arabia, the world’s largest oil exporter, last month awarded eight leading international oil companies preparatory agreements for three huge gas projects estimated to require an initial investment of more than $25 billion.
