5th Jun 2023 08:30
(Alliance News) - Hunting PLC on Monday said it has entered a 10-year strategic partnership with Zhejiang Jiuli Hi-Tech Metals Co.
The London-based energy services firm said the alliance is for the supply of corrosion resistant alloys for oil country tubular goods, carbon capture, utilisations & storage, as well as geothermal applications.
"The partnership brings together Hunting's Seal-Lock premium connection technology with Jiuli's CRA, such as duplex/super duplex and high nickel-based alloys, for downhole casing and production tubing applications," the company said.
It is part of its strategy to become a key supplier in end-markets such as CCUS and geothermal, which Hunting is pursuing "as part of its strategy to become a key supplier to these sectors". The firm added that the two end-markets are believed to show robust demand and growth in the medium to long term.
Chief Executive Officer Jim Johnson said: "Our relationship with Jiuli has been strengthening over the past three years and this partnership provides both partners a strategic framework to move up the value chain in offering world class quality premium CRA tubing and casing with Hunting's Seal-LockTM premium connection to the oil and gas, CCUS and geothermal industries."
Jiuli was established in 1987, specialising in the research and development and production of industrial stainless steel and special alloy pipes, bars and other pipeline products.
Shares were up 0.2% at 222.50 pence each on Monday morning in London.
By Xindi Wei, Alliance News reporter
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