29 November 2007 GIPI signs a Major Civil Contract with JK Engineering Gulf International Pipe Industry LLC (GIPI), announced that it had signed the Steel Supply and Erection contract with JK Engineering & Construction Co., Ltd (JK), a highly reputable engineering and construction company from South Korea. The contract marks an important milestone for GIPI, following the signing of the Credit Agreement in Muscat on 11th of December 2007 with local and regional banks. JK is committed to deliver the plant building in Sohar as a masterpiece which will showcase its engineering innovation and capabilities as its first major contract in the middle east region. The scope includes design, fabrication, supply and erection of steel structures for the plant building that will house the 24” ERW Pipe Mill with Casing and fully integrated Coating complex in the Industrial zone of Sohar. The Mill will be capable of producing 250,000 tons per year. The signing ceremony was held in Korea. The contract was signed by Mr. Masoud Al Barwani, Deputy CEO of GIPI, and Mr. Song, President of JK Engineering & Construction Co., Ltd., also present at the ceremony were Senior Executives of GIPI and JK. Upon signing the contract, Mr. Barwani of GIPI said “We are very pleased to have achieved this milestone and shows our commitment to have this project executed and ready for commissioning by end of first quarter 2009. Mr. Barwani also stated that the solid support and encouragement from all GIPI Shareholders and the highly experienced and professional team from both JK and GIPI will ensure delivery of this project within the specified time and cost. Mr. Song said that JK is very pleased to be selected by GIPI for this critical project in the Sultanate of Oman. He further emphasized JK’s commitment to fully equip GIPI with an advanced building complex of the highest standard in the industry. He was delighted to see JK’s first entrance into Oman and the GCC region. Mr. Song also stated that JK is in the process of setting up a base in Abu Dhabi to cater for increasing demand in GCC region and will use this project to demonstrate JK capabilities in execution of these types of projects. GIPI will be the first ever high pressure steel pipe and casing mill of 24” to be operated in the GCC region. This Mill will further enhance the Sultanate’s aspiration for reducing dependency on import of finished products needed to service its strategic oil and gas sectors. Developing this downstream venture in the Sultanate will complement similar efforts by the Government towards promotion of local industries. The Shareholders of GIPI are Awtad a local subsidiary of the UAE based Islamic Finance Company, Golden Dunes Investments representing local promoters, Gulf Investment Corporation (GIC), POSCO Steel Services and Sales Company from Korea and Arkan Group LLC, a highly respected local entity.