Pipe Metallurgical Company starts buying oil companies’ non-core assets

28.09.2007    1 мин.   

Pipe Metallurgical Company (TMK) has agreed with TNK-BP to buy its oilfield service assets. The deal is to be closed before the end of 2007. Assets that TMK will buy from TNK-BP include ООО “Central Pipe Shop”, ZAO “Pipe Repair Shop” and a facility being constructed near the city of Nyagan. The agreement was reached after TMK won TNK-BP’s August-September tender. The acquired companies focus on tubing and sucker rods repair, pipe insulation, manufacturing of pipe string elements and other downhole tools, delivery of tubular goods to oilfields. Upon closing of the deal, TMK plans to invest in development of the companies aiming to improve the quality of services, expand the range of services and complete the Nyagan facility construction. The goal of the modernization program for the acquired oilfield services assets is to build up seamless pipe repair and finishing capacity that may reach approximately 1 million pipes per year. “The world’s largest manufacturer of oilfield pipes, TMK is looking to increase extra profit both through development of pipe production and marketing and through expansion of the range of services to oil and gas companies. The acquisition of TNK-BP’s service assets will allow us to enter the emerging oil industry supply chain and logistics market right in the oil producing regions”, said TMK general director Konstantin Semerikov.

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