New Delhi, Oct 11 (IANS) Oman-based Composite Pipes Industry (CPI) plans to set up an Indian unit to make corrosion-proof pipes for use in industries like oil and gas, company chairman Sheikh Saif bin Hashil Al Maskery said Thursday.
Announcing the company's entry into India, the former Omani diplomat said: "There is need for strong, light weight materials to replace the heavy, corrosive metallic pipes being used in oil wells, crude oil transmission lines and lift gas systems in India."
The company's research on the India market for its Glass Reinforced Plastic (GRP), Glass Reinforced Epoxy (GRE), and Glass Reinforced Vinylester pipes, which are stronger than carbon steel pipes yet lightweight and easy to install, has shown that India has an annual requirement of 4.6 million tonnes of GRE pipes.
"Oil and gas companies have to stop operations at times for 1 or 2 months, for changing the traditional pipes every 5-6 years. Hence, GRE pipes with life of more than 20 years prove to be cost-efective," the company said.
CPI has a production capacity of 200 million tonnes.
The company has pegged its turnover in India at a modest Rs.200 crore by 2015, but its officials said the figure could rise.
The company is also planning to set up its own R&D facility in India by next year.