Tianjin Pipe Corp has shelved plans for a listing in the United States because its 'base' is not firmly built. The state-owned enterprise said it was looking at a listing next year or in 1998. Company spokesman Meng Fanliang said: 'We are still undergoing reforms for the enterprise and there are a lot of contradictions. 'Now is not the time.' CS First Boston is believed to be the front-runner to sponsor the company's listing. Obstructing Tianjin Pipe's bid to expand its share capital is a 13.4 billion yuan (about HK$12.47 billion) foreign and domestic debt burden, even after Beijing poured in four billion yuan last year. Mr Meng said the state would make further investments in the seamless pipe-maker but no timetable was drawn up or amount of funds known. He said the company's steel plant would reach full production capacity next year. Mr Meng said the company's target was to produce 350,000 tonnes of seamless steel pipes, used for oil drilling, next year. Tianjin Pipe, the largest state-owned enterprise, backed by Prime Minister Li Peng , was established and approved in 1988 with the aim of satisfying domestic demand. Mr Meng said imports of piping was restricted to 800,000 tonnes and every effort was being made to manufacture pipes domestically. 'Oil is the country's life line,' he said. He said 22 mainland oil fields were using the company's pipes. Tianjin Pipe exported US$30 million of pipes last year.This year the figure is expected to rise, with first-half export revenue at $20 million.
