Russian oil and gas steel pipe producer TMK plans to invest $300mn in its U.S., Romanian, and Russian assets every year to 2020, said the company’s largest beneficiary, Dmitry Pumpyansky.

The sum includes spending on the repair of existing assets and design of new pipes. Of that amount, 25%-30% will be invested in the U.S. assets.

Pumpyansky said that “to date, TMK has invested $2.5bn in upgrading and $2bn in the acquisition of new assets.”