OIC HAS PICKED UP A 30% STAKE IN GULF INTERNATIONAL PIPE INDUSTRIES

Oman Investment Corporation (OIC), one of the leading private equity firms in the region, has picked up a 30 per cent stake in Gulf International Pipe Industries (GIPI) for $30 million. "Essentially, it is a strategic investment and OIC 's key objective has always been to augment the shareholder-value. More importantly, investment in GIPI is part of OIC 's plans to invest in projects that add value to the country's economic and industrial growth.

We will continue to invest in value added projects in the Sultanate and the region," Kalat al Bulooshi, Chief Executive Officer of OIC ,said.  GIPI, a prestigious project coming up in Sohar Industrial Estate, will produce 250,000 tonnes of line and casing pipes per annum. The groundbreaking ceremony of the plant in Sohar will be held on April 15 under the auspices of Sayyid Hilal bin Bader bin Ali al Busaidy, Wali of Sohar.

With investment exceeding $100 million, GIPI project is expected to create over 100 new job opportunities, and enhance other business opportunities. GIPI is expected to start commercial production by the second half of 2009. The activities and services of GIPI will include manufacturing of line pipes, casing pipes and tubing pipes and services, including coating (internal and external coating of pipes against corrosion) and threading of casing and tubing pipes.

Line pipes are used for pipelines, plants and flow-lines, which are laid 1-2 metre below the ground or on surface. Casing pipes are mainly used for oil and gas wells to ensure casing protection. On OIC 's vision, Al Bulooshi said: "We are committed to our stakeholders.  Our endeavour is to emerge as the premier private equity firm in the region, in terms of investment returns and performance." 

 "OIC will work closely with local and international partners, especially in developing innovative projects that can create job opportunities for GCC citizens. We believe in development and our objective is to be a partner in development," the CEO added. OIC is an Oman-based diversified investment company which focuses on strategic projects in Oman and the region. OIC 's associate companies include Gulf Energy, V2 Trenching & Co, Oman Portuguese Cement Products, Octal Holdings and GIPI. OIC is 50 per cent owned by Gulf Investment Corporation (GIC) which was established in 1983 under the auspices of the GCC governments.