Spanish group Tubacex to set up new OCTG plant in Abu Dhabi
ABU DHABI, 2 hours, 28 minutes ago
Tubacex Group, a global leader in advanced industrial solutions for the energy and mobility sectors based in Spain, has announced the closing of a strategic partnership with Mubadala Investment Company (Mubadala), an Abu Dhabi Sovereign Investor, in its oil country tubular goods (OCTG) business for $200 million.
Mubadala’s strategic investment aligns with the UAE’s national programme 'Make it in the Emirates', which invites investors and innovators to contribute to the country’s industry and advanced technology strategy.
This partnership significantly bolsters local manufacturing capabilities, aligning seamlessly with Tubacex's contract with Abu Dhabi National Oil Company (Adnoc). This hub of innovation is designed to set new standards in the OCTG sector, said the Spanish group in a statement.
It also positions Mubadala as a pivotal player in securing the supply of CRA OCTG (corrosion-resistant alloy tubular solutions) tubular solutions for gas E&P, a key transitional fuel in the global energy transition, it stated.
Through long-term agreements with its strategic customers, Tubacex said it has become a global leader in the CRA OCTG segment for exploration and production activities.
This leadership will be further strengthened with the launch of its new CRA OCTG finishing and threading plant in Abu Dhabi, the first of its kind in the region, it added.
Dr Alyazia Al Kuwaiti, the Executive Director of UAE Industries at Mubadala's Investment Platform, said: "We are pleased to partner with Tubacex, a company with unparalleled expertise and an innovative position in the OCTG sector. Our investment philosophy is deeply rooted in partnerships and a strong commitment to our sustainable investment principles."
"This collaboration aligns seamlessly with our efforts to support the UAE’s industrial vision which aims to accelerate the nation’s development of non-oil based growth," stated Al Kuwaiti.-TradeArabia News Service
