Abu Dhabi: Al Gharbia Pipe Company announced it has signed a loan agreement with a consortium of Japanese and Emirati banks totalling $185 million.

The loan will finance the manufacturing and sales business of large diameter, high-quality sour grade steel pipes for oil and gas pipelines, with a production capacity of up to 240,000 tonnes per year.

The co-financiers are the Japan Bank for International Cooperation, Sumitomo Mitsui Banking Corporation, Mizuho Bank, and National Bank of Abu Dhabi.