OAO NK Rosneft (“Rosneft”) and OAO TMK (“TMK”) announced today that they have agreed to develop a long term strategic partnership. The agreement was signed in Moscow by Rosneft’s First Vice President Sergei Kudryashov and TMK’s CEO Konstantin Semerikov.
The partnership has been agreed for an initial period of three years with an option for an extension, if agreed by both parties. Under the terms of the partnership, TMK and Rosneft will form a supervisory board to manage the venture, review ongoing strategy and make any necessary adjustments.
The partnership will ensure optimal coordination of the design and production of new types of pipes supplied by TMK to Rosneft for use in the oil and gas industry, both in the medium and long term.
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