TMK, Congo's SNPC sign memorandum of understanding
MOSCOW. May 24 (Interfax) - TMK , Russia's leading pipe manufacturer and the national oil company of the Republic of the Congo, SNPC signed a memorandum of understanding on Thursday after Russian-Congolese negotiations, an Interfax correspondent reported.
The exchange of signed documents took place in the presence of Russian President Vladimir Putin and President of the Republic of the Congo Denis Sassou-Nguesso.
A project to build a major oil pipeline, running more than 1,300 km from the port city of Pointe-Noire in the Republic of the Congo to the border with Cameroon, is at the exploration stage, materials for the meeting state. TMK officials were not available for comment.
TMK's principal beneficiary is company chairman Dmitry Pumpyansky with 65%. The company's free float is 34.9%.