Energy provider Tenaris begins operations in Midland
MIDLAND, Texas — Energy sector service provider Tenaris, The Midland Development Corporation and the City of Midland have reached an agreement wherein Tenaris will open a service center for the storage, inspection and preparation for the running of steel tubular goods in Midland. Tenaris has committed to new annual payroll of $3.3 million and $36 million in new capital investment by Dec. 31, 2020.
The Midland Development Corporation agreement is a loan forgivable of up to $2 million based on performance of the creation of capital investment and payroll. Funds will be distributed after capital investment and payroll criteria are met by Tenaris. A portion of the loan will be forgiven as certifications of certain performance criteria are met. The agreement will require that the business bring new money into the community by providing primary jobs and the retention of jobs will also be required for a certain number of years.
In addition, Midland County Commissioners’ Court has approved a property abatement for economic development with Tenaris for the construction and operation of the new facility. The abatement is the standard 5-year term with a 20 percent reduction annually. The new capital investment will consist of commercial offices, railway infrastructure, warehouse and equipment. Midland competed with several West Texas cities for this facility. Mike Bradford, Midland County Judge states, “Midland County is pleased to have a relationship with such a high-quality corporation as Tenaris.”
Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the oil and gas industry. From its new location, the company will supply oil country tubular goods (OCTG) and accessories, sucker rods and coiled tubes to the Permian Basin oil and gas industry.
Employing around 27,800 people worldwide, Tenaris operates an integrated network of steel pipe manufacturing, research, finishing and service facilities with industrial operations in the Americas, Europe, the Middle East, Asia and Africa and a direct presence in most major oil and gas markets.
Find the Tenaris career page here.
Source: Midland Development Corporation