China's Shengli Oil & Gas Steel Pipe Holdings (Shengli) has stopped negotiating a joint venture with IRI, a pipe distributor in Colombia since the two parties can't agree to extend the timeframe for incorporation of the JV Company.
The initial timeframe for that was 90 days.
Shengli, a Chinese linepipe manufacturer is public-listed in the Hong Kong Stock Exchange, its wholly owned subsidiary Siu Thai signed an agreement with IRI to set up the JV in Panama.
The JV Company shall have a production capacity of 150,000 tons per year of oil country tubular goods (OCTG) and 150,000 tons of spiral submerged arc welded (SSAW) pipes.