Liaoning Province-based Chinese company Zhongyou Tipo Group has signed a cooperation agreement with Liaoning-based Dongbao Group Shipbuilding Co. to build a new steel pipe production facility in Huludao, Liaoning, as announced by the Liaoning provincial authorities on April 16.
The total investment in the project in question, which will be built on a site covering 54 hectares, will amount to RMB 5 billion ($803.9 million). Construction will commence in the current year and be completed within five years. The project will include four oil country tubular good (OCTG) production lines, a steel pipe anticorrosion line, as well as research & development and testing facilities. The annual OCTG output of the completed project will be 1.2 million mt, bringing in RMB 10 billion ($1.6 billion) in annual sales revenues.
