Russia-based steel pipe producer ChTPZ Group has stated that it has set up a joint venture with Russian state-owned company Rosnano for making pipe fittings out of nano-structured materials. ChTPZ has a 50.1 percent shareholding in the joint venture called Eterno, while Rosnano's stake in the business is 49.9 percent.
The new production facility is expected to be launched at the ChTPZ site in Chelyabinsk by the end of the current year.
The new plant will manufacture stamp-welded fittings such as bends, tees, among others. The plant's capacity is estimated at 10,000 mt of parts a year.
RUB 5.5 billion ($99.39 million) worth of stamp-welded fittings were sold in Russia and the CIS last year, and demand is expected to keep rising. These are mostly purchased by vertically integrated oil- and natural-gas producing companies and pipeline project operators, including Gazprom and Transneft.