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Severstal & Tenaris to deepen cooperation on oil pipe project in Russia- The 21st China (Guangzhou ) Int’l tube & pipe Processing Equipment Exhibition
10/28/2019 管材展-钢管展-steel tube expo-tube &pipe expo |
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Severstal, a Russia’s steel and mining industry, and Tenaris S.A., an international steel pipe supplier, set up a joint venture (JV) in February this year to serve the market of oil country tubular goods (OCTG) product in Russia and nearby countries.
Currently, the new JV was actively planning to enter the Russian oil pipe market. The site selection and development of the JV was closely related to the ongoing exploration and development drilling activities in Siberia. Severstal expected the new JV''s market share to reach 15% to 20% of the Russian oil pipe market after it reached the scheduled capacity in 2024.
The total investment for the new JV would reach US$240 million. It was planned to be put into production in 2021 with an annual production capacity of 300,000 tons. And, it was also expected to export products to the CIS countries in 2024.
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