Cooperation launched between Valin Steel & CNPC

Strategic Cooperation Agreement was signed by Valin Steel and CNPC (China National Petroleum Corporation) on 11th Dec.2009 for overall strategic cooperation in terms of OCTG steel product, market development and technical service for high technology R & D and more market share.
Based on the principle of responsibility and profit sharing, the two parties agreed to collaborate in R & D, purchase and supply of OCTG steel product, to build up an advanced and high level oilfield steel tube production base. CNPC supports its subsidiaries to purchase steel products from Valin Steel on priority bases at competitive prices and technical service offered by Valin Steel. CNPC supports Valin Steel to enter Chinese petroleum market. Valin Steel will also support CNPC to develop domestic and overseas market. An overall cooperation mechanism including collaboration by both parties and detailed business implementation by subsidiaries will be set up. With the signature of the above mentioned Strategic Cooperation Agreement , detailed projects cooperation agreements were signed by subsidiaries of Valin Steel and CNPC.
From Securities Times