Mexican steel pipe producer Tenaris Tamsa will invest $150 million in Kuwait, a Mexican government official said.
While announcing the investment during a trip to the Middle East, Mexican president, Enrique Peña Nieto, said the initiative means “jobs in Mexico, investment here in Kuwait, and nearly doubles the level of trade we had built in 40 years.”
The Mexican government didn’t provide much details about the deal, but said Tamsa signed a contract with Kuwait Oil Company to invest $150 million in the country.
A media report in Spanish said the deal enables Tamsa to sell pipes for the Kuwaiti company.