MOSCOW, December 3 (RIA Novosti) – TMK, Russia’s largest producer of steel pipes for the energy sector, has acquired a 55 percent stake in Oman’s Gulf International Pipe Industry L.L.C. (GIPI), TMK said on Monday, without disclosing the sum of the deal.
GIPI’s other shareholders are Oman Investment Corporation (OIC), Gulf Investment Corporation (GIC) and Posco PS.
“The acquisition of the pipe factory in Oman complies with the development strategy of TMK as a global supplier of pipes for the oil and gas industry. It will allow TMK to strengthen its positions in the Middle East and add production capacities to its sales enterprise operating in the region,” TMK General Director Alexander Shiryayev said in a statement.
GIPI annually produces over 200,000 tons of welded pipes and line pipes for the oil and energy sector. The enterprise’s main buyers are major oil and gas companies operating in the Persian Gulf.
TMK is Russia’s largest manufacturer and exporter of steel pipes and ranks among the global top three pipe producers.
Established in 2001, TMK has production plants in Russia, the US, Romania and Kazakhstan.