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Tenaris CEO turns more bullish on global oil tubes market
March 28, 2017 / 4:32 PM / 6 months ago

Tenaris CEO turns more bullish on global oil tubes market

MILAN, March 28 (Reuters) - Tenaris has lifted its estimate for global OCGT tubes demand in 2017 to 12.1 million tonnes from 10.4 million previously, a spokeswoman said confirming remarks made by CEO Paolo Rocca at an industry conference in New Orleans.

Shares in Tenaris, the world’s largest maker of seamless-steel pipes for the energy industry, rose 7.7 percent on Tuesday with investors citing the new forecast as a reason behind the move.

According to one trader the new guidance could result in a double-digit upgrade to analysts’ earnings estimates for Tenaris.

In 2016, global OCGT demand was 8.8 million tonnes. OCGT stands for Oil Country Tubular Goods, which are tubes that are used in oil and gas production.

For this year Tenaris expects demand in the United States and Canada to reach 5.2 million tonnes, up from 2.2 million in 2016, while demand from China and Russia should also rise to 3.7 million from 3.5 million. Demand in other areas is seen stable year-on-year. (Reporting by Danilo Masoni; editing by Agnieszka Flak)

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