OilVoice - Venezuela Assumes Operational Control Over Matesi

Venezuela Assumes Operational Control Over Matesi

Thursday, August 20, 2009

Tenaris S.A. announces that Venezuela, acting through the transition committee appointed by the Venezuelan Ministry of Basic Industries and Mining , unilaterally assumed exclusive operational control over the assets of Matesi Materiales Siderúrgicos S.A. ("Matesi").

While continuing to reserve all of its rights under investment treaties and Venezuelan and international law, Tenaris is prepared to engage in discussions with the Venezuelan government regarding the fair and adequate terms and conditions for the transfer of Matesi to Venezuela.

Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.