CHICAGO OAO TMK has
acquired a 55-percent stake in Omans Gulf International
Pipe Industry LLC (GIPI), as the Russian company seeks to boost
its global presence as a supplier of energy tubulars to the oil
and gas industry.
The steel tube and pipe maker,
based in Moscow and parent of Downers Grove, Ill.-based TMK
Ipsco, said Monday that the agreement would see GIPI folded
into TMKs global production and sales network. TMK will
also manage GIPIs plant and its sales.
The financial terms of the deal
were not disclosed.
"This will allow TMK to further
strengthen its position in the Middle East, adding operations
on the ground to its existing sales organization in the
region," TMK chief executive officer Alexander Shiryaev said in
GIPI supplies pipes to oil and
gas companies in Gulf Cooperation Council countries, TMK
Other GIPI shareholders include
Muscat, Oman-based Oman Investment Corp., Kuwait City-based
Gulf Investment Corp., and Seoul, South Korea-based Posco
P&S, a subsidiary of South Korean steelmaker Posco Ltd.
The Muscat-based company,
established in January 2007, has a production capacity of more
than 250,000 tonnes per year, according to the companys