Russian pipe producer TMK has announced that it signed a deal to acquire an 86.5 percent stake in Russia-based steel pipe producer ChelPipe Group (ChTPZ) from Russian businessman Andrei Komarov to expand its production base and sales market, diversifying its product portfolio. The acquisition totaled RUB 84.2 billion ($1.1 billion) in value, as SteelOrbis understands.
TMK plans to accelerate the introduction of new technologies for the extraction and transportation of raw materials, and the arrangement and service of wells and infrastructure.
The acquisition will completely cover the needs of domestic fuel and energy companies in special types of pipes and end Russia’s technological dependence on foreign developments and suppliers for complex oil and gas projects in this regard.
“We believe that, taking into account the new capacities, we will be able to fully meet the needs of Russian oil and gas companies in high-tech products,” Dmitry Pumpyanskiy, chairman of TMK’s board of directors, said.