TMK acquired a 100% interest in ChermetServis-Snabzhenie, a leading player in the Russian ferrous steel scrap market. The deal value totalled about RUB 2.73 bn. ChermetServis-Snabzhenie (currently TMK CHERMET) is the key scrap supplier to TMK’s entities.
TMK and Gazprom Neft signed a technological partnership programme for 2015–2017. TMK and Gazprom Neft will support conceptual engineering for well completion equipment and technologies at the Chona Group and the Kuyumbinskoye field.
On 11 February 2015, TMK redeemed its 5.25% GDR convertible bonds due 2015, each representing four ordinary shares of TMK. To redeem the bonds TMK used cash accumulated from operating and financial activities, including a four-year USD denominated credit facility from one of the leading Russian commercial banks.
TMK shipped a batch of high-tech casing pipe to Tatneft to produce super-viscous oil at the Ashalchinskoye field in Tatarstan. The batch included casing pipe with TMK UPTM premium threaded connections.
TMK and Gazprom Burenie, one of the largest Russian drilling companies for construction of wells of all types, signed a strategic three-year contract for the supply of drill pipe. TMK will be the company’s leading supplier providing Gazprom Burenie with a comprehensive offering of drill pipe.
The Orsky Machine Building Plant, which is part of TMK Oilfield Services, commissioned a robotised forging facility to produce tool joint blanks, with an annual production capacity of 150 thousand blanks.
TMK made first shipments of large diameter pipe (LDP) for Gazprom’s Power of Siberia gas transmission system.
The Vozhsky Pipe Plant hosted a meeting between Gazprom and major Russian manufacturers of tubular products on cooperation in research and import substitution. A particular emphasis was placed on matters related to accelerated introduction of innovative products and wider interaction with Gazprom.
TMK-ARTROM (Slatina, Romania) commissioned a shop to produce precision pipes used in the automotive industry and hydraulic cylinder manufacturing. The shop’s total treatment capacity stands at 25 thousand pipes per year.
TMK’s Meeting of Shareholders resolved not to pay annual dividends for FY2014 based on the Company’s performance for the year.
The Company’s full trade name was changed to Public Joint-Stock Company Pipe Metallurgical Company (PAO TMK).
TMK launched the construction of its R&D facility in the Skolkovo Innovation Centre. The facility will focus on developing efficient technologies for production and transportation of hydrocarbons, and on delivering new solutions to improve energy efficiency in the iron and steel industry, as well as developing and certifying new premium connections.
TMK supplied pipe with TMK UP FMT premium threaded connections to Lukoil Uzbekistan Operating Company, a subsidiary of Lukoil Overseas to develop the gas condensate fields of the Kandym Group located in the Bukhara-Khiva Region (southwest Uzbekistan).
The Company won Gazprom’s tenders for supply of large batches of casing and tubing pipe with TMP UP premium threaded connections, as well as line pipe. We made first supplies of T95SS-grade corrosion-proof casing pipe and C90SS-grade corrosion-proof tubing pipe which we started manufacturing as part of our import substitution programme.
TMK signed a partnership memorandum with Sakhalin Energy for tubular products with TMK premium threaded connections to be used at its Sakhalin-2 project. The memorandum also provides for qualification tests of TMK UP premium threaded connections for casing pipe from chrome, high-carbon and highly corrosion-resistant steel grades.
TMK and Gazprom signed a long-term agreement on integrated shipments of premium tubular products. The agreement will be effective for several years and provides for design, rollout, manufacturing, delivery and maintenance of tubular products. Shipments under the agreement include high-strength and special pipes with TMK UP premium threaded connections from carbon steel and alloyed steel and special alloys for operation in challenging climatic conditions and aggressive environments.
The extraordinary General Meeting of Shareholders of TMK resolved to pay out an interim dividend for the first six months of 2015 in the amount of RUB 2.42 (USD 0.04) per ordinary share of the Company, for a total of RUB 2.4 bn (or USD 39 m at the exchange rate applicable as of the resolution date).
The Company shipped premium tubular products with GreenWell lubricant-free coating to Lukoil-Nizhnevolzhskneft to be used at the Korchagin oil and gas condensate field in the Caspian Sea. This is the first project to use TMK’s products with lubricant-free coating in an offshore well.
TMK won the Leaders in Corporate Philanthropy 2015 contest in the Concept and Strategy of Corporate Philanthropy category. The contest was held by the Donors Forum, the Vedomosti business newspaper and PwC, an international network of audit firms and consultancies. The Sinarsky Pipe Plant, Volzhsky Pipe Plant, and Seversky Tube Works were awarded certificates for debut contestants.
Dmitry Pumpyanskiy, Chairman of PAO TMK’s Board of Directors, is included in the Top-25 list of Board of Directors Chairmen of Russian Companies, with the Company’s four independent directors, Mikhail Alekseev, Peter O’Brien, Alexander Shokhin and Oleg Schegolev, included in the Top-50 Independent Directors list, as ranked by the Independent Directors Association (Russia).
TMK was ranked first among potential suppliers of tubular products for offshore drilling in the Tubular Products category at the Neftegazshelf 2015 conference.
TMK shipped a batch of vacuum insulated tubing to Gazprom Dobycha Yamburg to develop oil and gas condensate fields in the Yamal-Nenets Autonomous Area.
TMK signed a three-year agreement with Magnitogorsk Iron and Steel Works (MMK) to apply formula pricing to determine the price of wide hot rolled steel sheets shipped to TMK’s plants.
On 29 December 2015, TMK signed a deal with VTB Bank to sell RUB 10 bn worth of shares in the Company.
The Russian division of TMK set up a new unit, TMK-Central Asia, that includes TMK-Kazakhstan (Astana, former part of the production and commercial unit of the Company) and TMK-Kaztrubprom (Uralsk, removed from TMK Oilfield Services).
TMK and Gazprom signed an Addendum that refines the LDP pricing formula. The refined pricing formula will factor in the costs of metal feedstock and materials, steel plate production and transportation costs, and LDP production cost. The LDP price calculated according to the agreed formula will be determined on a quarterly basis.
ТМК won the Compliance 2015 award.