September 16, 2008
Russian Pipe Maker Tmk Licenses Premium Technology to Chinese Producer
MOSCOW. Sept 10 (Interfax) - Russian steel pipe maker OJSC TMK has entered into an agreement to license TMK FMC premium connection technology to Chinese tubular producer Beijing Huayou Xingye Materials Co (BHXM), TMK said in a press release.
TMK-Premium Service, a TMK subsidiary specialising in the production and supply of premium connections to the oil and gas sector, concluded the agreement with BHXM. Under the licensing agreement, BHXM will produce 20,000 tonnes of TMK FMC premium casing connections per year.
The TMK-FMC is a premium-class casing connection with extra gas tightness properties and high tension capacity used for the construction and operation of vertical and deviated oil, gas and condensate wells and especially designed for corrosive applications.
"TMK-Premium Service continues to actively develop proprietary technology while expanding its global presence. Although we already have licensing agreements with such companies as AK Korvet and Tyazhpressmash, this premium casing connection agreement with Beijing Huayou Xingye Materials Co. marks TMK's first technology licensing outside Russia", said TMK-Premium Service director Sergey Chetverikov.
Beijing Huayou Xingye Materials Co. is a daughter company of the Beijing Huayou Xingye Energy Investment Co Ltd.
TMK is the second biggest producer of oil and gas industry pipes worldwide with sales exceeding 3 million tonnes in 2007. TMK has assets in Russia, the United States, Romania and Kazakhstan.
Dmitry Pumpyansky, TMK's board chairman, is the chief beneficiary. The free float is 23%.
(c) 2008 Daily News Bulletin; Moscow - English. Provided by ProQuest LLC. All rights Reserved.