Tubecex sells 49% of its oil and gas business to the Abu Dhabi Sovereign Wealth Fund

Tubecex is selling 49% of its oil and gas solutions business to the Abu Dhabi Sovereign Wealth FundE.P.

Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund. subscribed to agreement with Tubacex to purchase 49% of its tubing solutions business for gas and oil exploration and production (OCTG) for 150 million dollars (almost 138 million euros), as announced this Monday by the Spanish company National Securities Market Commission (CNMV).

The amount corresponding to the transaction will also be added to the transaction amount. investment in the pipe finishing and threading plant that Tubacex is building in Abu Dhabi, as clarified by the Spanish company, which believes that this operation will not have a material impact on its income statement.

Tubecex emphasized that inclusion strategic partners to accelerate your business and growth This is one of the goals of the strategic plan presented last November, which aims to achieve a gross operating result (Ebitda) of more than 200 million euros by 2027 and a turnover of 1,200 to 1,400 million euros.

Alava stressed that with this operation it is strengthening its strategic presence in the United Arab Emirates, where it is building a finishing and cutting plant following the conclusion of a “mega-commercial contract” with the emirate’s main energy operator. pipes for gas production as an energy transition, which will be the group’s third plant in the region.

At the same time, Tubecex emphasized that This operation will increase the activity of the group’s plants, including those located in Euskadi, and “may attract new investment” in these facilities.

Company sources told Europa Press that This operation will not affect the decision centers and their activities in the BAC.. As they clarified, this is the part of the business that deals with pipes used for gas production, and the “mother pipe” is produced in Euskadi, while the finishing and threading part will be consistent with Abu Dhabi.

The company clarified that the closure of this transaction is expected after receiving the usual permits for this type of operation, including the relevant competition authorities.

The same sources indicated that it is difficult to establish a timeline for the final closure of the operation, and in any case do not believe that there will be problems with final approvals.