Russia-based steel pipe producer Gazpromtrubinvest has announced that it has started construction of the third phase of its new steel pipe plant in the Kostroma region, costing RUB 10 billion ($322.6 million). The third phase mill will produce medium diameter steel pipes for the oil and gas industry. Construction is expected to be completed by 2015. The estimated output capacity of the third phase facility is 350,000 mt of pipes per year.
Gazpromtrubinvest is a subsidiary of Russia's Gazprom, the largest extractor of natural gas and one of the largest companies in the world.