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Russian producer of steel pipes for the energy sector, TMK, has announced that it has acquired a 55 per cent stake in Oman’s Gulf International Pipe Industry (GIPI)
TMK has said that it will also manage the plant's sales and incorporate it into its own global network.
"The acquisition of the pipe factory in Oman complies with the development strategy of TMK as a global supplier of pipes for the oil and gas industry. It will allow TMK to strengthen its positions in the Middle East and add production capacities to its sales enterprise operating in the region," said TMK chief executive officer Alexander Shiryayev.
GIPI annually produces more than 200,000 tonnes of welded pipes and line pipes for the oil and energy sector. The enterprise’s main buyers are major oil and gas companies operating in the Gulf region.
GIPI’s other shareholders include Oman Investment Corporation (OIC), Gulf Investment Corporation (GIC) and Posco P&S.