Tata Steel bags UAE partner as steel prices tumble
The Indian steel manufacturer's partnership with IDC is expected to propel its foray into the regional oil and gas sector
India's Tata Steel has formed a partnership with UAE's International Development Company (IDC) in an attempt to reduce the total cost of ownership for its clients in the region.
IDC provides equipment into oil, gas, power, and petrochemical industries.
Tata Steel is expected to rely on IDC in terms of support and assistance for obtaining national oil company approvals.
Richard Broughton, commercial manager for energy and power at Tata Steel, said: "Tata Steel, along with IDC, will introduce its supply capabilities to oil and gas companies in the region, providing them with an opportunity to work with a supplier who has an excellent track record of providing for offshore and onshore line pipe projects worldwide.
"It is well known that this is a challenging time for the European steel industry, but there is no effect on Tata Steel's ability to provide high quality pipes to our customers in the energy sector," Broughton added.
"Our investments over the last year are testament to our commitment to the industry and we will continue to assist customers by reducing the total cost of project ownership without comprising on quality."