TMK and TNK-BP Extend Global Cooperation Agreement
ÒNK-ÂÐ and TMK announced that they had signed a new agreement on global cooperation.
According to the agreement, TNK-BP will buy a range of tubulars from TMK for approximately two billion dollars over the five years to 2012. The previous three-year contract with a planned supply volume of 500 million dollars expires at the end of 2007.
Success under the current contract has been achieved through the application of TNK-BP's leading supply chain management practices, as well as TMK's efficient and flexible order management systems, and advanced quality control processes.
This success has led to broadening the parties' future co-operation in a number of areas including product development and the provision of regional tubular repair services to TNK-BP.
The new agreement is unprecedented being the largest single contract in the history of collaboration between Russian tubular manufacturers and oil and gas companies.
"We had no doubt that our strategy was correct when we entered into the global cooperation agreement with TMK in 2005." said Robert Dudley, TNK-BP President and CEO. "Through our joint efforts over the last three years, we have achieved excellent results in quality enhancement, extension of the product range, and the introduction of new tubular technologies. Our new agreement is not only the logical development of our strategic partnership; it opens a new page in the technical and economic cooperation between our two companies".
"TMK's strategy is based on long term partnership with oil and gas companies. We do our best to provide them with an innovative and broad range of products and services. Our cooperation agreement with TNK-BP relies on best Russian and international practices of supply chain development for the energy sector, enhanced with additional expertise acquired throughout the implementation of the company's Strategic Investment Program and TMK's expansion into oil and gas services," said Konstantin Semerikov, TMK CEO.
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