Russia's largest oil and gas pipe producer TMK has announced that following the auction held by Russia's Federal Property Management Agency on March 16, 2011, it has acquired a 25.5 percent stake in the Volgograd River Port from the Russian State.
Accordingly, Volgograd River Port includes several ports along the Volga River. The transaction was valued at approximately Ruble 113 million (approximately $3.9 million).
"The acquisition of a stake in the Volgograd River Port will allow TMK to improve logistics efficiency at its largest facility, the Volzhsky Pipe Plant, which is located in direct proximity to this transport hub," TMK CEO Alexander Shiryaev said. "It will also open up additional opportunities to ship our OCTG and line pipes to oil and gas fields in the Caspian Region, which is one of our key markets," he added.