The Islamic Development Bank has agreed to grant a $30 million loan to Iran’s Sadid Pipes and Equipment Company. The interest rate on the loan is based on the 12 month LIBOR plus an additional 1.4%.

According to the terms of the agreement Sadid Pipes and Equipment Company will purchase HR coils from the Saudi Arabian Noble Night Trading Co.

Sadid Pipes and Equipment Company is a major producer of steel pipes up to 3,000 mm diameter for oil, gas and water projects.