Russia-based TMK, one of the world's leading oil and gas steel pipe producers, and Russia’s state-owned RUSNANO Corporation are running a joint project at TMK’s Seversky pipe plant to expand the production of high-tech pipes with improved performance for the oil and gas industry, according to a statement issued by TMK.
RUSNANO has invested RUB 5.5 billion in the project, with TMK's investment amounting to at least RUB 12.5 billion. In line with the execution of the project, RUSNANO acquired shares in an additional public offering by TMK, and now owns a 5.476 percent share in the company.
"The new project will help us expand the product range of oil and gas pipes that meet and often exceed the strictest international quality standards in terms of physical, chemical and geometrical properties. The innovative pipes we produce at our Seversky pipe plant within the joint project with RUSNANO can be used in adverse climatic and geological conditions, in horizontal and deep-hole drilling," said Alexander Shiryaev, CEO of TMK.