TMK, Russia’s largest manufacturer of steel pipes for the oil and gas industry, is in talks to supply Iran’s oil and gas sector as the Islamic Republic ramps up production following the lifting of international sanctions, the company’s senior vice president said Wednesday.
“We have a program under way to supply some pipes through spot sales and are working on a longer-term contract which could include pipes to transport oil and gas as well as produce it,” Vladimir Shmatovich, senior vice president for strategy and business development at TMK.
“Iran is a very important market for us,” he said.
The move shows the potential for Iran to have better access to more modern equipment to refurbish its aging oil industry. It also highlights how Russian companies retain a competitive advantage there despite the opening of the country to Western suppliers since sanctions on Iran were lifted in January.
TMK was a major supplier of pipes to Iran’s oil industry before sanctions were imposed.
[“Source-wsj”]
