Lonrho To Establish Logistics Facility For TENARIS At Luba Freeport

Lonrho PLC (LONR.LN) said Wednesday TENARIS and Luba Freeport Ltd, a Lonrho unit, have agreed to establish a logistics facility for TENARIS at Lonrho's Luba Freeport in Equatorial Guinea following the formation of a strategic joint venture between TENARIS and GE Petrol, the National Oil Company of Equatorial Guinea, to be known as "GEPnaris".

MAIN FACTS:

-TENARIS, a supplier of tubular products and related services for the energy industry, will provide products and services to the oil companies operating from Luba Freeport and in the Gulf of Guinea.

-TENARIS will operate from a temporary facility within Luba Freeport whilst a bespoke 10,000 square meter storage and wash bay facility are completed by December; The new facility has been designed to easily permit TENARIS operations to expand up to a 60,000 square meters facility at Luba to meet further contracts as the new facility at Luba develops into a West African regional hub.

-Personnel accommodation and office facilities will also be provided to TENARIS by Luba Freeport.

-Luba Freeport is a joint venture between Lonrho and GEPetrol.

-Shares of Lonrho at 0956 GMT unchanged at 11 pence, valuing the company at GBP120.3 million.

-By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com

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