TMK, one of the world’s leading producers of tubular products for the oil and gas industry, has acquired 55% of Gulf International Pipe Industry L.L.C. (GIPI) located in Oman.

The plant’s production capacity exceeds 200,000 tonnes of welded OCTG and line pipe for oil and gas industry annually. Currently GIPI supplies pipes to major oil and gas companies in the Gulf Cooperation Council (GCC) countries.

Other GIPI’s shareholders include: Oman Investment Corporation (OIC), Gulf Investment Corporation (GIC), Posco P&S.

TMK reached agreement with the shareholders to manage the plant and its sales and to integrate it in the Company’s global production and sales network to maximize GIPI shareholder value.

"The acquisition of the pipe plant in Oman is in line with TMK’s development strategy as a global pipe supplier for the oil and gas industry. This will allow TMK to further strengthen its positions in the Middle East adding operations on the ground to its existing sales organization in this region", said Alexander Shiryaev, TMK CEO.

Established in 1983, GIC is a regional financial institution with a share capital of US$ 2.1 billion owned entirely and equally by the six GCC states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE. GIC strives to provide a comprehensive set of financial services that promote development of the private enterprise and foster economic growth in the GCC. GIC has emerged as a regional leader in its chosen fields, and has successfully promoted and developed projects in the GCC across a range of sectors, including financial services, petrochemical, metal, power, utilities, and communications.

Posco P&S, a subsidiary of Posco (global leader of steel industry), is located in Seoul, Korea and is an industry-leading corporation with specialty in processing comprehensive materials, trading and resourcing scrap in the world.