On October 9, Sichuan Province-based Chinese steelmaker Pangang Group Steel Vanadium & Titanium Co. (Pangang Vanadium & Titanium) announced that more than 4,500 mt of the company’s 150 ksi grade high-strength oil well pipes have been sold to the National Iranian Oil Company (NIOC), the world’s third-largest oil company, with the steel pipes fully meeting NIOC’s requirements.
In 2013, Pangang Vanadium & Titanium inked an oil well pipe supply contract with NIOC, while the contract was not implemented until July 2014. To date, 3,500 mt of the oil well pipes have been delivered to NIOC, while more than 1,000 mt of pipes have been delivered to Tianjin Port for shipment to NIOC.