The Russian pipe producer TMK Group and one of the country's leading oil companies, Surgutneftegas, have signed a long-term strategic partnership agreement.
Within the framework of the agreement TMK will supply steel pipes to Surgutneftegas, enabling the latter to meet its oil production needs. The total worth of the pipe shipments is estimated at $1 billion.
The agreement is valid for three years with a possible prolongation.
In addition, Surgutneftegas and TMK have agreed to cooperate in the coordination of medium and long-term joint activity for the development of new types of tubular goods according to the Scientific-Technical Cooperation Joint Program for 2007-2010, which was approved by both companies in 2006.