Jindal SAW and Hunting Energy Services form OCTG JV
Published by Nicholas Woodroof,
The JV aims to enable India to supply OCTG products globally, providing an alternative source of OCTG products to companies engaged in oil and gas drilling activities. This partnership will also allow India to eliminate its reliance on imported OCTG products. The initial investment in this JV will be around US$20-25 million. The potential annual market size for premium OCTG in India is estimated at close to US$200 million.
The facility is targeted to be operational by the end of 2022, with three threading lines commissioned over time with an annual capacity of 50 000 t. It is anticipated that the venture will employ approximately 100 staff members once fully operational and will achieve close to 70% in capacity in its second year of operation.
Neeraj Kumar, GCEO & WTD, Jindal SAW Ltd said: “We are glad to join hands with Hunting Energy Services for this ground-breaking project. Our collective efforts and combined strengths will revolutionize the OCTG manufacturing sector and its usage in the domestic market. Jindal has always been a game-changer in the industry, and this partnership will be a step forward in this evolving industry. Together with Hunting, we will become the first in line to have such a manufacturing facility in India. This JV will add value to our existing line of products and will develop the local ancillary service industry.”
Jim Johnson, CEO, Hunting PLC, said: “The Indian OCTG market provides significant growth potential for Hunting. We are delighted to have entered this joint venture agreement with Jindal SAW Ltd., leveraging our excellent working relationship since 2019. This partnership will be a gamechanger for India and the overall industry once we start manufacturing premium quality seamless pipes. As we move forward, our plan is to reduce imports in India. We stand by with the policy of manufacturing best-in-class products locally and hope this joint venture is a concrete step forward towards the “Make in India” initiative as promoted by the Government of India.”
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Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20012022/jindal-saw-and-hunting-energy-services-form-octg-jv/
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