In order to maintain an industry leader in the oil and gas markets, Russian energy tubulars manufacturing giant OAO TMK plans to spend up to $3 billion over the next 10 years at its Russian, Romanian and US operations, according to a report by news outlet Bloomberg.
About one-quarter to one-third of the investments are expected to be geared toward its US operations, TMK IPSCO. Specifically in US, the focus will be on the company's premium connection seamless pipes business, which is used in offshore drilling projects.