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TMK to sell additional shares in financing deal

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World Pipelines,

TMK, Russia's largest maker of steel pipes for the oil and gas industry, said yesterday that it will sell 44 million additional shares as part of a financing deal with VTB bank.

TMK agreed a deal with VTB last year to raise around 10 billion roubles (US$147.09 million) by selling its shares. The funds will be used to reduce debt by repaying bank loans this year.

Edited from various sources by Elizabeth Corner

Sources: RigzoneReuters

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