Russian steelmaker TMK mulls investing in Saudi Arabia

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TMK, Russia's largest maker of steel pipes for the oil and gas industry, is prepared to be an investor in Saudi Arabia, the company’s chairman said at an energy conference in Moscow on Wednesday.

“We would like to transform the relationship from a buyer purchaser… we are prepared to be an investor in Saudi Arabia,” said Dmitry Pumpyansky at the Russia Energy Week.

Pumpyansky comments come as the Middle-Eastern country is looking to reduce its dependency on oil exports by opening itself to more foreign investment.

TMK, which produces steel pipes used in the oil and gas sector, petrochemical industries, and construction, has operations in Europe and the US.

Earlier this year, US firm Tenaris offered to buy TMK’s domestic business IPSCO Tubulars in a $1.2 billion deal.

Energy leaders from across the world have convened at Russia Energy Week in Moscow for a week to discuss matters ranging from the global energy outlook to challenges in the development of renewable energy.

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