RI venture in Vietnam<\/p>\n
TOKYO (Reuter): Sumitomo Metal Industries Ltd. of Japan said
\nit will form a joint venture in Vietnam with an Indonesian
\ncompany and three other firms to process joints for seamless
\nsteel pipes.<\/p>\n
The venture, called Vietubes Corp, is 12.6 percent owned by
\nSumitomo Metal Industries, 12.6 by Sumitomo Corp., 37.8 percent
\nby Indonesia's PT Citra Tubindo, 30 percent by Vietnam's state-
\nowned Petrovietnam, and seven percent by France's Vallourec,
\nSumitomo Metal Industries said in a statement.<\/p>\n
Vietubes, capitalized at US$2.6 million, is located in Vung
\nTau, the company said. Total investment in the venture will be
\n$10.2 million.<\/p>\n
The venture will process high-quality joints called Premium
\nJoints for Oil Country Tubular Goods.<\/p>\n
Oil Country Tubular Goods are pipes used in oil and gas
\ndevelopment projects.<\/p>\n
The venture is expected to start operating in the middle of
\n1996, and its annual output is expected to be 25,000 tons, the
\ncompany said.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/ri-venture-in-vietnam-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}