Spain-based seamless stainless steel pipe producer Tubacex has signed an agreement with the UAE-based sovereign wealth fund Mubadala Investment Company for the sale of a 49 percent stake in its tubular solutions business for oil and gas exploration and production of oil country tubular goods (OCTG), according to media reports. The completion of the transaction is subject to regulatory approvals.
The transaction worth $150 million encompasses the necessary investment for the completion of Tubacex’s new pipe finishing and threading plant in Abu Dhabi, the UAE. Mubadala will also partly invest in Tubacex’ new plant in Abu Dhabi. The new plant is expected to be operational by the end of 2024, as SteelOrbis previously reported.
