Russia: ChelPipe sells over 150,000 tons of pipes for TAPI pipeline

Chelyabinsk Pipe Plant (ChelPipe) has delivered more than 150,000 tons of large-diameter pipes for construction of the linear part of the Turkmenistan–Afghanistan–Pakistan–India (TAPI) pipeline, the company said in a statement on December 25. “ChelPipe Group was the only Russian company to pass all stages of qualification selection and offer the best delivery conditions among 94…

Russia: Fitch downgrades outlook for ChelPipe’s BB- rating to Negative

Global rating agency Fitch has downgraded outlook for a BB- long-term issuer’s default rating of Russia’s Chelyabinsk Pipe-Rolling Plant, or ChelPipe, to Negative from Stable, it said in a statement. The Negative outlook reflects Fitch’s wariness about ChelPipe’s ability to reduce liabilities and the overall debt to funds from operations (FFO) ratio from 4x at…