Turkish pipe maker will build a $150 million factory in
Oklahoma or Texas, officials of the company, Borusan Mannesmann Boru
Sanayi & Ticaret AS, said Monday.
The location of the plant depends on talks with officials of the two states, but the facility is expected to take advantage of growing U.S. oil and natural gas drilling activities, CEO Agah Ugur said at a news conference in Istanbul, Turkey.
The factory is expected to open in 2014 and create about 350 jobs, Bloomberg News quoted Ugur as saying.
"We decided to make this investment to benefit from the expected growth in the U.S. upstream market," Ugur said. "The energy pipe market in the U.S. will grow to 8.3 million tons in 2015 from 6 million tons last year."
Borusan expects to produce steel tubular goods, or pipes used in drilling for oil and natural gas, including hydraulic fracturing drilling techniques.
Staff and Wire Reports
Most Popular Stories
- Entrepreneurs Chase Social Media
- Schedule packed with talent at the Fox
- European Car Sales up First Time in 20 Months
- I never set out to be a role model but it's great to be one ; IN THE HOTSEATBetter known by his stage name Wretch 32, Jermaine Sinclair is a 28-year-old rapper from London. In 2011 his debut album Black and White sold over a million copies and scored three top five singles. His latest single Blackout was released this week
- Austin musicians point to a variety of reasons to appreciate McCartney
- Manila's Hollywood Week
- Financial Times Twitter, Email Hacked
- Apple's iPhones, iPads Approved for Military Use, Sir Yes Sir!
- SINCE YOU ASKED [Pittsburgh Tribune-Review (PA)]
- Promoter McLean 'provided more musical joy than Dylan and Prince combined'