Tenaris and Tianjin Explore Chinese Joint Venture Initiative

Tenaris, a leading supplier of tubular goods and services to the oil and gas industry worldwide, and Tianjin Pipe Corporation, the leading supplier of seamless OCTG casing in China, have signed a memorandum of cooperation with a view to entering into a strategic alliance under which they would establish joint ventures to build a pipe threading facility and a plant manufacturing accessories for use in oil extraction and production. Both joint ventures would be located in the Tianjin Free Trade Zone and would have Tenaris as the majority owner.

German Cura, Tenaris' Commercial Director commented, "China has been an important market for us since we opened a commercial office in Beijing in 1990. Today, we see many possibilities for Tenaris in China and we are excited at the prospect of working with Tianjin, the leading local producer of OCTG and a company with a strong focus on manufacturing quality products."

Yang Xiaoyong, Tianjin Vice-President, added, "Being Tenaris the main international seamless pipe producer and considering Tianjin is the first class producer in China, this alliance will represent an important achievement and will bring substantial advantages to both Tenaris and Tianjin ".