The Ministry of Investment and Development of the Republic of Kazakhstan has reported that Italian company Tenaris will invest in the construction of a new plant for production of steel pipes in the western Kazakh city of Aktau.
Kazakhstan's Ministry of Investment and Development held a meeting on February 20 with the leadership of Tenaris regarding investments in the manufacturing sector in Kazakhstan within the scope of the country's second five-year plan for industrialization.
According to Huanikotena Juan, the CEO of Tenaris in Kazakhstan, within the framework of cooperation in oil and gas projects in Karachaganak, Tenaris will invest $40 million in the construction of a new plant for production of pipe thread-cut lines with a capacity of 45,000 mt per year in Aktau. The procedure for signing the contract with SEZ Seaport Aktau is already in progress.
According to Tenaris, the decision to establish production in Kazakhstan was made thanks to a favorable investment climate in the country and a good infrastructure at SEZ Seaport Aktau. The start of construction of the plant is scheduled for March this year, with completion expected in early 2016.