TMK Acquires a Stake in Volgograd River Port

TMK, one of the world’s leading oil and gas steel pipe producers, has acquired a 25.5% stake in the Volgograd River Port from the Russian State. TMK won an auction held by Russia’s Federal Property Management Agency on March 16, 2011.

OAO Volgograd River Port includes several ports along the Volga River. The transaction was valued at approximately RUB 113 million (approximately USD 3.9 million).

“The acquisition of a stake in the Volgograd River Port will allow TMK to improve logistics efficiency at its largest facility, the Volzhsky Pipe Plant, which is located in direct proximity to this transport hub,” said Alexander Shiryaev, TMK CEO. “It will also open up additional opportunities to ship our OCTG and line pipes to oil and gas fields in the Caspian Region, which is one of our key markets.”