Future Pipe Industries (FPI), a Dubai-based maker of fibre glass pipes planning an IPO next week, said on Tuesday it won a contract worth at least $138 million to supply equipment in Qatar.
The contract is for the supply of pipes and fittings for a sea water cooling system in an industrial park at Ras Laffan, in northern Qatar, FPI said in a statement.
Qatar is the world's largest exporter of liquefied natural gas, gas that is cooled to a liquid for export by ship.
Lebanon's Makhzoumi family said last month it plans to sell shares in an initial public offering of its FPI, which makes wide-diameter pipes used in city infrastructure and industry.
The Makhzoumis, who set up FPI in 1984, plan to sell as much as 35 per cent of the company starting April 13 and list the stock on the Dubai International Financial Exchange (DIFX).
FPI has benefited from a surge in Gulf Arab spending over the last few years on infrastructure for towns and cities, as well for industries such as oil and gas.
Profit at the company almost doubled last year to $69 million on a 57 per cent surge in revenue to $556.4 million, according to Chief Executive Officer Rami Makhzoumi. (Reuters)
Future Pipe wins $138m Qatar deal