Tubos Reunidos has requested financial support for an amount of about 115 million euros to the Support Fund for the Solvency of Strategic Companies affected by the pandemic that is managed through the SEPI, the Basque pipeline reported.
Specifically, it has asked the fund for a participating loan for an amount of approximately 100 million euros and an ordinary loan convertible into equity in 2021, for the amount of 15 million.
Tubos has detailed that the pandemic has temporarily paralyzed more than 50% of its contracted projects, as well as the new contracts in the destination countries (such as the United States) of the projects, also affected by the second wave of the pandemic to which it allocates more than 80% of its production.
Tubos Reunidos considers that I could opt for the fund as “a key company for industrial energy transition projects such as renewables and hydrogen, the only one in its segment of activity in Spain, and a driver of direct and induced employment in an area in a clear process of industrial reorganization “.
The Basque firm began in 2019 to progressively dissociate itself from the oil extraction business, focusing its production on tubes with higher added value, higher price and margin, without dependence on the North American tariff, and associated with energy generation. clean renewables.
But this transformation process, the company has admitted, has been slowed down by COVID-19, and the effects of the pandemic together with the fall in the price of oil have paralyzed the investments of its clients in the United States
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