TMK and Rosneft agree on strategic cooperation

The Russian pipe producer TMK and the country's oil and gas company Rosneft have agreed to develop a long-term strategic partnership. The partnership has been agreed for an initial period of three years, which may be prolonged if both parties decide in favor. Under the terms of the agreement, TMK and Rosneft are to coordinate the design and production of new types of pipes supplied by TMK to Rosneft. In addition, the parties will form a coordination board to review ongoing strategy and make any necessary adjustments to it.