The Invest in the Basque Country Department of the SPRI Group has played a key role in the €30M investment that the Japanese company Marubeni-Itochu Steel and Tubos Reunidos are to make in Alava and that will lead to the creation of 80 jobs.
This means a new foreign company, which manufactures equipment for the oil and gas industry, has been attracted and will create wealth in the Basque Country. Tubos Reunidos will hold a 51% stake in the new company and Marubeni-Itochu Tubulars Europe (MITE), the European subsidiary of the Japanese group, will hold the remaining 49%.
Invest in the Basque Country looks for, locates and, if necessary, catalyzes potential interest to establish enterprises in the Basque Country. To achieve this, it focuses its efforts on highlighting the appeal of our Country, improving attention to potential investors and attracting resources in priority sectors.
Invest in the Basque Country activities include:
– Promoting “after-care” services so as to extend the activities of foreign companies that have made direct investment into the Basque Country and increase their value.
– Enhance factors to attract foreign direct investment into the Basque Country and entry into sales channels.
– Design and promotion of proactive strategies in priority sectors and areas, linked to the Industrialization Plan (e.g. high-tech manufacturing projects that complete value chains or the Smart Specialization Strategy, in collaboration with clusters.
– Design and implementation of an integrated support system to attract foreign direct investment.
– Promotion of scientific and technological capabilities of Universities and Technology Centres in the Basque Country as the ideal environment for the growth and development of entrepreneurship in general and especially technology-based companies.
New plant in Alava province
The new plant, where production will begin during the first quarter of 2016, will manufacture, market and supply Premium threaded OCTG (Oil Country Tubular Goods) tubing products worldwide for oil and gas drilling. Its production will meet the “growing demand” for these products in the world, particularly in Africa and the Middle East, according to Tubos Reunidos.
The Japanese company Marubeni-Itochu, with turnover of around 1.94 billion yen and a workforce of about 9,500 employees, is dedicated to the processing, import, export and marketing of steel products.