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Amiantit Joint Venture Wins Contracts in India

25 June 2006

Amiantit Fiberglass Industries India, Saudi Arabian Amiantit Company's joint venture with the Salgaocar Group of Goa, is forecasting a record 90 percent growth in sales for 2006 as the manufacturing facility steps up production to meet increasing demand from India's booming industrial sector.

Orders from two of India's leading oil refineries highlight the type of large scale contracts that the company is winning. In March it completed a $6.5 million contract from Essar Oil for engineering, supply and installation supervision of glass reinforced plastic (GRP) pipes for the sea water intake and outfall system at its upcoming refinery in Vadinar, Gujarat. The project started in October 2005 and was finished to the client's satisfaction in only six months.

This has been followed by an even bigger order from India’s largest petrochemicals and refining company which specified Amiantit GRP pipes for its sea water intake and outfall system. Worth $10 million, this supply contract is for a complete system and is to be completed within 2006. In addition, an order valued at $2.5 million for GRP intake pipes for a 2x125 MW power plant has been received.

The company has also been awarded new orders worth $3.5 million for the supply of double wall GRP underground fuel storage tanks to Dutch oil major, Shell India which has a license to open 2,000 retail outlets. Amiantit say that their Goa plant is the world's biggest manufacturer of GRP single and double wall storage tanks and previously received the world's largest ever order for 5,000 single wall GRP underground fuel storage tanks from Reliance, the first 2000 of which were delivered in the record time of only nine months.

The plant was commissioned in December 2003.