New pipe making plant from UMW
According to reports from the industry, a division of
Malaysia's UMW Corp signed a memorandum of understanding with
China's Baoji Petroleum Steel
Pipe Co. for
construction of a
pipe making plant in Shanghai.
The plant of 51% will be held by UMW and 49% by Baoji and is expected to cost $8.4 million. The plant will produce steel
pipe,
pipe anti-corrosion, coating and insulation materials.
Baoji which is a division of
China National Petroleum Corp., will be responsible of producing
pipe anti-corrosion, and coating
pipe processing.