Pipe Metallurgical Company (TMK), one of the world’s largest manufacturers of tubular products for the oil and gas industry, has acquired 55% stake in Pipe Plant Gulf International Pipe Industry LLC (GIPI), located in the Sultanate of Oman.
Facilities enable annually produce more than 200,000 tonnes of welded OCTG and line pipe for oil and gas industry. The main consumers of the company are now the largest oil and gas companies operating in the Persian Gulf.
Drugimiaktsionerami GIPI are: Oman Investment Corporation (OIC), Gulf Investment Corporation (GIC), Posco P & S.
TMK has reached an agreement with the shareholders of GIPI management of the plant and its integration into its global manufacturing and distribution network in order to enhance shareholder value of the company.
"The acquisition of pipe plant in Oman corresponds to the strategy of development of TMK as a global supplier of pipes for the oil and gas industry. It will allow TMK to strengthen its position in the Middle East, adding production capacity to an existing in this region marketing enterprise, "- said General Director of TMK Alexander Shiryaev.
Oman Investment Corporation (OIC)
Oman Investment Corporation (OIC) — an investment company with significant investment experience in the Sultanate of Oman. OIC promotes the economic development of Oman, implementing, in cooperation with leading international companies and innovative projects in the industry. Since its inception in 2005, OIC has actively participated in the implementation of projects in the oil and gas industry in the sectors of industrial production, as well as infrastructure projects.
Gulf Investment Corporation (GIC)
Established in 1983, GIC (Gulf Investment Corporation) is a regional financial services company with a share capital of U.S. $ 2.1 billion, which is wholly owned equally by the six GCC states — Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates . The Corporation aims to provide a full range of financial services that contribute to the development of private enterprise and economic growth in the countries of the Persian Gulf. GIC is a regional leader in selected fields and successfully engaged in the promotion and development of projects in the region in sectors such as financial services, petrochemicals, metallurgy, energy, utilities and communications.
Posco P & S
Posco P & S — a subsidiary of Posco, one of the world leaders in the steel industry. Located in Seoul (South Korea) and is an industry leader in the processing of complex materials, trade, and the Production of metal around the world.