Weir to Form Chinese Joint Venture Focused on Shale Gas
Monday, November 29, 2010
The Weir Group PLC and Shengli Oilfield Highland
Petroleum Equipment Co. Ltd. (Highland) announce the formation of a joint
venture (JV) to provide high-pressure well service pumps and related flow
control equipment to the developing shale gas industry in China.
The JV is expected to commence operations in the first
half of 2011, subject to regulatory approvals.
It will be owned 60% by Weir and 40% by Highland and will be based in
Dongying, Shandong Province, China. The JV will build on the success achieved
by Weir SPM, a leading manufacturer of specialized products for the oil and gas
market which has benefited from the development of shale gas production in
North America. More…