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Perma-Pipe International Holdings, Inc. (NASDAQ:PPIH) today announced that its Saudi Arabian business unit has received formal technical and commercial approval from Saudi Aramco, the world's largest oil company. This approval significantly expands Perma-Pipe's business opportunities in the Kingdom, enabling the Company to directly serve the oil and gas sector, a critical step forward in its long-term strategic plan to strengthen its presence and broaden its product offerings in the Middle East.
Until now, Perma-Pipe's access to the Saudi market was primarily concentrated in district heating and cooling (DHC). With this new approval, the Company is now well-positioned to participate in Saudi Arabia's pipe coating market, the largest in the Middle East and among the largest globally.
This milestone reinforces Perma-Pipe's commitment to supporting the Kingdom's infrastructure and energy ambitions, while also aligning with the Company's vision of sustainable growth in high-potential international markets.
The Company also reported that its global operations have recently secured an additional $30 million in new project awards, adding to its growing backlog and providing further validation of the increasing demand for Perma-Pipe's engineered pipe coating and containment systems.
Posted In: PPIH
