JSC Surgutneftegas and JSC TMK Enter Strategic Partnership Agreement

JSC Surgutneftegas and JSC TMK entered into a long-term strategic partnership agreement. The agreement was signed in Moscow by Surgutneftegas CEO, Vladimir Bogdanov and TMK CEO Konstantin Semerikov.

This long-term strategic partnership agreement is valid for three years, with possible prolongation. Looking to strengthen their market positions in Russia and abroad, the parties agreed to cooperate in the production and supply of steel pipes. Steel pipes produced by TMK plants will be supplied to Surgutneftegas to meet its oil production needs. The volume of tubular goods shipped within the frames of this agreement is valued at USD 1bln.

This agreement between Surgutneftegas and TMK involves the coordination of medium-term and long-term joint activity for the development of new types of tubular goods according to the Scientific-Technical Cooperation Joint Program for 2007-2010, approved by both companies in 2006.