Tenaris to build $1.5 billion pipe plant in South Texas
BY ANGEL GONZALEZ
BAY CITY -- Tenaris will build a $1.5 billion facility to manufacture seamless pipe, a new sign of rural Texas's rising fortunes in the wake of the oil boom unleashed by fracking.
The facility will produce 600,000 tons a year of casing and tubes used in drilling as well as pipe used to move oil and gas. The company says it will be completed in 2016 and it will generate 600 manufacturing jobs. Bay City is about 80 miles south of Houston.
The move underscores the increasing activity in the Texas oilpatch, where advances in drilling techniques such as hydraulic fracturing have spurred a production boom in areas such as the Eagle Ford shale, one of the world's fastest growing oilfields.
Dow Jones Newswires