Vallourec increases shareholding in Citra Tubindo

French steel tube manufacturer Vallourec said on Thursday it has increased shareholding in IDX-listed PT Citra Tubindo Tbk (PTCT), leading provider of premium oil country tubular goods (OCTG) connections in Indonesia and now holds the majority with 78.2% of the capital.

This increased shareholding was reached progressively during 2008 and 2009 through the acquisition of successive blocks of shares and a tender offer, the company said.

PTCT has been a VAM? licensee since 1985 and an associate of Vallourec since its public listing in 1989.

PTCT has manufacturing facilities located in Batam, providing heat treatment and threading of OCTG together with oil-field accessories, serving the Oil&Gas industry throughout the Asia-Pacific region.

PTCT also owns the patents and technology for "NS" premium connections. It employs around 1,000 people and generated revenues of approximately US$ 300 million in 2008, with annual processing capacity of around 130,000 tonnes. Key customers include Total, BP, Exxon Mobil, VICO and Pertamina. (alex)