Kuwait-based Investment Firm Secures Minority Stake in Pipeline Inspection Provider Pipecare Group
(Reuters) — Kuwait-based Gulf Investment Corporation (GIC) said on Monday it has acquired a significant minority stake in Pipecare Group Holding, a major provider of pipeline inspection services.
A joint statement from GIC and UAE-based Pipecare Group said the transaction was completed in Abu Dhabi on Nov. 15. It did not give details of the size of the stake, nor the value of the investment.
GIC is a financial institution equally owned by the six member states of the Gulf Cooperation Council (GCC) which was established to promote cooperation and growth across the region.
Pipecare, which inspects gas and oil pipelines with a large fleet of tools and predictive AI software solutions, said it will leverage GIC’s capital injection for its international expansion, especially in the American market.
"We are excited to enter a new phase in our company's growth in partnership with GIC to further develop our technology and play a critical role in supporting our customers in the safe delivery of energy," said Khaled El-Shami, Pipecare Group's chairman, according to the statement.
Related News
Related News
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
Comments