24 December 2012

ТМК Establishes Service JV with EMDAD in Abu Dhabi, UAE

- Focus on repair of pipes and underground equipment
- TMK's total investment in the project runs into about $3.5 million
- Commissioning of the center is set for Q2 2013

24 December 2012 - TMK, a leading global manufacturer and supplier of steel pipes for the oil and gas industry, has established a service joint venture with EMDAD in Abu Dhabi, the United Arab Emirates. 

The service and support center, Threading and Mechanical Key Premium LLC, will focus on repair of pipes and underground equipment, as well as threading of connections on various components of pipe columns for oil and gas companies operating in the Arabian Gulf region. TMK's total investment in the project runs into about USD 3.5m. The commissioning of the center is set for Q2 2013. Its annual production capacity will stand at approximately 10,000 tonnes of premium pipes. 

TMK Middle East, the Company’s sales subsidiary, has been working in the region for several years already. In December 2012, TMK acquired a controlling stake in the GIPI pipe plant in Oman

"The launch of the joint venture will continue the development of TMK’s production and sales structure in the Middle East, providing the local oil and gas industry with a wide range of quality pipe products and expeditious services," says Sergei Bilan, TMK’s Vice President for Premium Products and Services. 

TMK is a leading global manufacturer and supplier of steel pipes for the oil and gas industry, operating 25 production sites in the United States, Russia, Oman, Romania and Kazakhstan and two R&D centres in Russia and the USA. In 2011, TMK’s pipe shipments totaled 4.23 million tonnes. The largest share of TMK’s sales belongs to high margin oil country tubular goods (OCTG), shipped to customers in 85 countries. TMK delivers its products along with an extensive package of services in heat treating, protective coating, premium connections threading, warehousing and pipe repairing. 

TMK’s ordinary shares are listed on Russia’s major stock exchange – MICEX-RTS. Its GDRs are traded on the London Stock Exchange, and its ADRs – on the OTCQX International Premier trading platform in the U.S. 

Source: TMK