Saudi Arabia’s Public Investment Fund (PIF) plans to inject up to $300 million into pipe and tube products provider ArcelorMittal Tubular Products Jubail (AMTPJ).

The sovereign wealth fund aims to double its stake in the troubled steel pipe plant, co-owned by ArcelorMittal, to 40 percent through a debt-for-equity swap.

The deal comes as part of PIF’s strategy to build the Kingdom’s position as a supplier of pipes for the energy sector.

In 2016, ArcelorMittal wrote the value of its equity investment down to zero, maintaining its 40.8 percent stake in the venture.