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A price per ton is the easiest number to compare on an OCTG tender and the least reliable. Two offers for API 5CT casing and tubing can name the same grade and still describe different products: one is a Monogrammed pipe with coupled connections, third-party inspection and export packing, while the other is a plain-end pipe that leaves couplings, thread protectors and documentation “to be agreed”. Ranked by price per ton, the second offer wins. After the missing items are priced, it often does not.

This guide sets out how to build a like-for-like comparison: what to fix in the specification, which parts of API 5CT change what you receive, how to verify manufacturer status, and how to normalize price and delivery. It ends with a worked example using illustrative numbers.

 Start with the well requirement, not the price list

Casing and tubing do different jobs. Casing supports the borehole and isolates formations, so it is selected by collapse, burst and axial load for each hole section. Production tubing carries produced or injected fluids, so connection tightness, corrosion environment and running conditions drive the choice. The sizes, weights, grades and connections therefore come from the well design and the casing and tubing programme, not from a stock list.

Prepare separate purchasing lines for each string. For tubing, list outside diameter, nominal weight or wall thickness, grade and type, length range and end finish, using supplier information such as the API 5CT tubing page as a reference for what the product line covers. For casing, use the schedule approved for the relevant section of the well and the same discipline for API 5CT casing. A stronger grade or heavier wall is not an automatic upgrade. It can change running loads, drift, connection compatibility and cost, so any substitute goes through engineering approval and is recorded as a deviation.

Fix the API 5CT edition, grade, type and PSL level

The current edition is the 10th. For Monogram purposes, API applied it to products manufactured on or after July 1, 2019, and the edition has since been followed by an addendum and errata that purchasers should include in the contract basis; see API’s 5CT announcement and 10th Edition Addendum 1. Changes that are relevant to buyers include:

• Regrouped material grades, and removal of grade M65.
• Replacement of the old supplementary requirement for test certificates with new mill test report and certification requirements.
• Hardness requirements for L80, C90, T95 and C110 updated to align with NACE MR0175, which matters for sour service.
• Increased coupling outside-diameter wall thickness for 4-1/2, 5 and 5-1/2 inch casing, with related weight recalculations.
• New scope note referencing RP 5C6 for large-diameter PSL 2 casing such as conductor pipe.

If a quotation references an earlier edition, ask why, and whether your project accepts it. The grade designation also needs its type, for example L80 Type 1, L80 9Cr or L80 13Cr, and N80 Type 1 or Type Q, because these are different materials with different heat treatment and service suitability. Common grade families are H40, J55 and K55 for lower-strength service, N80 and L80 for medium strength (L80 widely used where sulfide stress cracking is a concern), C90, T95 and C110 for controlled-hardness sour service, and P110 and Q125 for high strength.

Product specification level (PSL-1, PSL-2, PSL-3) adds progressively tighter requirements for chemistry, testing and quality control. Monogram licenses are issued by grade and PSL, so a plant licensed for J55 at PSL 1 is not automatically licensed for J55 at PSL 2. The delivery condition (as-rolled, normalized, quenched and tempered) and manufacturing route (seamless or welded where permitted) belong in the quotation too. Anything that departs from the inquiry goes into a deviation list with an approve, reject or clarify decision for each item.

Verify the manufacturer and the Monogram scope

Product compliance and manufacturer licensing are separate checks. Where the Monogram is required, check the producing facility and the scope of its license on the API Composite List. A license certificate normally lists the grades, PSL levels and product forms covered, such as seamless casing or tubing, couplings, coupling stock and pup joints, and shows an effective and expiry date. A catalogue statement, an ISO 9001 certificate or a logo printed on a mill test report does not establish any of this.

This matters most in trading structures where the selling company, the pipe mill and the threading shop are three different entities. Ask each supplier to name the pipe mill, the heat treater, the coupling maker and the thread processor, and confirm the license of each against the scope of what it is making. A pipe made at a licensed mill but threaded at an unlicensed shop is not a Monogrammed product.

Reconcile connections, couplings and accessories

Connection scope changes both price and delivery. For API connections, state the designation, whether the pipe is non-upset, external upset or integral, and the end finish (plain end, threaded and coupled, or other). Tubing and casing connections follow different rules and should not share a generic “API thread” line. Confirm who threads the pipe, to which gauging practice, and how thread inspection records are issued.

For a premium connection, name the exact connection and size, and confirm any licence, qualification or owner-approval requirements. “Equivalent” premium connections need a technical review against your running and service requirements. A similar thread form or matching size is not equivalence.

Make the accessories explicit. Does the price include couplings made-up at one end, thread protectors suitable for the transport route, pup joints in specified lengths and grades, and drift verification? A low pipe price that leaves couplings and pups as separate orders can put them on the critical path just when the rig needs the string.

Compare inspection, testing and documents

The comparison should separate three layers: tests required by API 5CT for the ordered product, additional purchaser requirements from the project, and third-party inspection. Typical items include dimensional checks, drift testing, hydrostatic testing, non-destructive examination, hardness for the controlled-hardness grades, and thread inspection. “100% tested” tells you nothing until the method, coverage, acceptance criteria and records are stated.

 Ask when the documents are available. Pre-shipment review of the certificates and inspection records is far easier than discovering a nonconformity once the pipe is on the vessel.

Put price and delivery on a common basis

Start with the unit of sale. Quantities may be quoted by piece, by length or by mass, and nominal mass is not the same as actual mass. Agree how the invoiced quantity is determined, and what over- or under-delivery is allowed. Then state the delivery point and the Incoterms rule. Packing, inland freight, export clearance, insurance and port charges are either inside the price or outside it, and each supplier will treat them differently unless you ask for them line by line.

Delivery dates need the same treatment. Mill production date, readiness for inspection, shipment release and arrival at the named place are four different milestones. For stock pipe, confirm that the exact items are allocated, meet the specification and have documents. For pipe still to be produced, ask what has to happen first (steel supply, heat treatment slot, threading, inspection) and what the buyer must supply, for example approvals. An ex-works readiness date and an arrival estimate cannot be compared.

 Use one comparison sheet for technical and commercial review

 Any offer that cannot meet a mandatory requirement leaves the comparison as non-compliant instead of entering it as a cheaper equivalent. This approach does not ask procurement to redesign the well. It keeps engineering decisions, supplier commitments and open exceptions visible, so that once offers share the same approved scope, the price comparison actually means something.

Frequently asked questions

What is API 5CT?

API 5CT is the American Petroleum Institute specification for casing and tubing used in oil and gas wells. It covers grades, dimensions, manufacturing, testing and marking. The current edition is the 10th, with addenda and errata that should be named in the purchase order.

What is the difference between PSL-1, PSL-2 and PSL-3?

They are product specification levels that add progressively stricter requirements for chemistry, testing and quality control. Monogram licenses are scoped by grade and PSL level, so the level must be stated in the inquiry and checked against the supplier’s license.

How can I verify an API Monogram license?

Look up the producing facility on the API Composite List and compare the license scope, which lists grades, PSL levels and product forms, and its expiry date against what you are buying. A logo or a catalogue statement is not proof.

Can a higher grade or thicker wall replace the specified casing?

Not automatically. It changes running loads, drift and connection compatibility, so it is a deviation that needs engineering approval before it enters the comparison.

Why is price per ton a poor basis for comparing OCTG offers?

Offers can differ in connections, couplings, thread protection, inspection records, packing, freight terms and delivery milestones. Until the scope is the same, a lower unit price may simply describe a smaller package.

Is a sample mill certificate enough documentation?

No. A sample shows the format. The certificate for the shipment must link heat or lot numbers, test results and markings to the actual pipe delivered.

In 2025, Andi Ballta, CEO of ABI Bank (American Bank of Investments), was named “Banking CEO of the Year for Eastern Europe” by International Banker, an award attributed to his leadership and strategic direction over the past decade at the Albanian bank.

ABI received the distinction as one of several banks recognized by International Banker across the region that year. In announcing the news, ABI Bank pointed to its focus on organizational culture and transparency. The bank aims to combine a professional internal environment with a personalized customer experience and differentiated product offerings. The bank also reported that it posted solid financial performance during the year, citing stability and efficient financial management, alongside continued community engagement through social initiatives.

Andi Ballta became CEO of ABI in 2015, following the acquisition of Crédit Agricole Albania SA by Tranzit Finance, a company backed by NCH Capital, a New York-based private equity firm with investments in Eastern Europe. Before joining ABI, he was a Managing Director at NCH Capital and had earlier spent seven years at Israel Discount Bank in New York and Miami.

Within a few years of Mr. Ballta assuming the leadership of ABI, the bank grew total assets from about €175 million in 2015 to close to €650 million. He also led the institution in acquiring underperforming subsidiaries of international banks and in one case reduced the acquisition’s non-performing loan (NPL) ratio from close to 40 percent to around 4 percent. In 2018, ABI acquired the Albanian subsidiary of the National Bank of Greece, becoming Albania’s sixth-largest bank in the process. 

ABI reported a 32.5 percent increase in customer transactions between the end of 2023 and the end of September 2024, which it attributed to new branches in high-growth areas and upgrades to its mobile and online banking platforms. The bank has also been introducing artificial intelligence (AI) into its credit-underwriting process, with the aim of analyzing financial data more quickly and improving the accuracy of lending decisions. Despite its focus on advanced technologies, the bank prioritizes personalized customer service and has continued to expand its network of brick-and-mortar branches and ATMs across the country.

In a 2025 interview with International Banker, Andi Ballta described banking as “the ultimate people business” and attributed the bank’s growth to its culture of integrity, transparency and meritocracy, as well as ongoing investment in digital banking, AI-assisted credit underwriting, and a boutique strategy centered on tourism, small and medium enterprises (SME), and corporate lending.

Mr. Ballta’s “CEO of the Year” award is not the first time ABI Bank has been recognized. In 2016, the bank received the “Golden Bee” award for Corporate Social Responsibility, cited for its support of social and cultural initiatives in areas including art, sport, health, tourism and children’s rights across Albania. That same year, it also received the “Bank Closest to the Community” award from the Tirana Chamber of Commerce and Industry. Both awards were presented to Mr. Ballta, in his role as General Director, with the CSR award handed to him by then–Minister of Finance Arben Ahmetaj at a year-end ceremony. 

ABI Bank’s community engagement has extended beyond these awards as well. In his interview with International Banker, Andi Ballta described the bank’s support for causes including the Albanian Blind Association, victims of domestic violence, LGBT youth, and children with Down syndrome, framing this work as part of an ongoing commitment to community life in Albania rather than a one-off effort. 

ABI Bank has operated in Albania since 1999 and went through several changes in ownership before becoming American Bank of Investments under NCH Capital in 2015. It currently operates as a boutique institution serving retail, SME, and corporate clients, offering investment funds in multiple currencies and maintaining a network of branches and ATMs across the country.

Former Best CEO turned fraud investigator Barry Minkow warns that the refinancing rescue a trillion-dollar syndication sector was counting on is disappearing—and with it, the last excuse for keeping the bank ledgers closed.

LAS VEGAS, NV — October 26, 2026 — Every major financial fraud has what Barry Minkow calls “The Cure”—the anticipated financial miracle that will generate enough money to repay investors, cover concealed losses, eliminate the evidence of wrongdoing, and allow the perpetrator to escape exposure.

The Cure is not rehabilitation. It is the financial event the perpetrator believes will make the fraud disappear before anyone discovers it.

For distressed Regulation D multifamily and self-storage syndications, Minkow argues, The Cure was falling interest rates: hold on, refinance the properties, restore valuations, borrow against the recovered equity, and make investors whole.

But according to Minkow—former Best CEO and now a proactive financial fraud investigator—Fannie Mae’s October 14 forecast signals that the long-awaited refinancing rescue may not arrive.

“Fraud perpetrators read the same headlines everyone else reads,” Minkow said. “They know how these schemes end. They continue because they believe their story will end differently. They aren’t waiting to be caught. They’re waiting for The Cure—the financial miracle they believe will erase the fraud before anyone discovers it.”

Fannie Mae’s October forecast, as cited in Minkow’s October 21 investigation published through the Fraud News Network, projects a 30-year mortgage rate of approximately 7.4% by year-end 2026 and 7.5% through 2027.

Minkow argues that the consequences extend beyond property valuations to a much more serious question: Were investors told the truth about the financial condition of their investments and the sources of money keeping those investments alive?

THE KITE NEEDS WIND

Minkow describes a practice he calls “kiting equity”: valuing a property based on projected post-renovation income rather than current operating performance, borrowing against that projected value, and using additional financing—or money from new investors or affiliated debt funds—to meet obligations the property itself cannot support.

“A building doesn’t become more profitable because its sponsor borrows more money against it,” Minkow said. “And an investor distribution doesn’t become operating income merely because the check clears.”

In Minkow’s analysis, lower interest rates were the wind that syndicators expected would keep the equity kite flying. Lower borrowing costs could support higher valuations, create refinancing opportunities, and provide fresh capital.

Without that relief, sponsors may face difficult questions about valuations, undisclosed borrowing, affiliated transactions, and the true sources of investor distributions.

THE FIRST RULE OF BANK FRAUD: NEVER MISS A PAYMENT

The investigation raises another troubling issue: why financially distressed properties can continue to appear healthy to lenders.

“When you commit bank fraud—and I should know—you never miss a payment,” Minkow said. “A missed payment is what makes the lender open the loan file. As long as the payment arrives, nobody necessarily reexamines the appraisal, the rent roll, or where the payment money originated.”

Freddie Mac holds approximately $519 billion in apartment debt, according to figures cited in Minkow’s analysis, with a reported delinquency rate of approximately 0.8%.

But delinquency statistics measure missed payments. They do not establish whether those payments came from property income, additional borrowing, fresh investor contributions, or affiliated lending arrangements.

“The lender sees an on-time payment. The investor sees a quarterly distribution,” Minkow said. “Neither necessarily sees the underlying source of the cash.”

Minkow argues that this is precisely why investigators must examine bank statements not only for individual properties but also for their sponsors, affiliated entities, and related debt funds.

THE NUMBERS ARE ALREADY MOVING

The October 21 investigation cites several indicators of mounting commercial real estate distress:

• Apartment loan delinquency in commercial mortgage-backed securities reportedly reached 8.04% in September 2026, compared with 6.59% one year earlier.
• Commercial real estate special servicing reportedly reached 11.49%, its highest level since February 2013.
• Approximately $875 billion in commercial and apartment loans was scheduled to mature during 2026, with another $652 billion in 2027.

For property owners dependent on refinancing, sustained elevated borrowing costs could mean additional capital calls, distressed sales, foreclosures, or substantial investor losses.

Financial distress alone is not evidence of fraud. Minkow’s concern is whether investors were given materially accurate information about the underlying investments before committing their retirement savings.

THE WHITE HOUSE BLIND SPOT

On October 20, the White House announced a $25 million fraud whistleblower incentive initiative targeting fraud involving federal programs.

Minkow welcomed the initiative but questioned why its announced priorities did not similarly emphasize the retirement-age investors who committed IRA savings to Regulation D apartment and self-storage syndications.

“Washington just asked for more fraud tips,” Minkow said. “But what about the evidence already submitted by investors who lost their retirement savings? The problem isn’t simply a shortage of tips. It’s a shortage of attention to the evidence already provided.”

Minkow also points to the federal implications of financing involving Fannie Mae and Freddie Mac, which have operated under government conservatorship since 2008.

He argues that allegations involving materially misleading representations to investors and agency lenders deserve coordinated scrutiny from the SEC, FHFA, federal law enforcement, and other appropriate authorities.

WHEN THE CURE DOESN’T ARRIVE, THE UNKNOWN VARIABLE DOES

Minkow’s investigation identifies a recurring pattern in major financial frauds.

At Best, he believed another public offering, a legitimate acquisition, and new bank financing would generate enough money to eliminate concealed financial obligations.

For Bernie Madoff, the financial rescue never arrived. Instead, the 2008 financial crisis triggered redemption demands his operation could not satisfy.

For Barings Bank trader Nick Leeson, escalating unauthorized trading intended to recover previous losses ultimately produced a catastrophic collapse.

In each case, the perpetrator’s anticipated financial solution was overtaken by what Minkow calls “the unknown variable”—the unforeseen event that exposes the underlying financial reality.

For distressed multifamily and self-storage syndications, Minkow believes that unknown variable may be the prolonged absence of affordable refinancing.

“When refinancing stops being the answer, the real questions begin,” Minkow said. “What did investors actually own? What was the property worth? How much debt was outstanding? Where did the distributions come from? And what happened to the money?”

“The Cure was supposed to make the financial discrepancies disappear. But if the money doesn’t arrive, the records remain. The bank statements remain. The closing documents remain. And the investors who lost their savings deserve answers.”

ABOUT BARRY MINKOW

Barry Minkow is a proactive financial fraud investigator and former CEO of ZZZZ Best. Drawing upon his firsthand experience with financial crime, he works with investors, attorneys, and regulatory authorities to investigate alleged financial misrepresentations, trace funds, and support efforts to recover investor losses.

His investigations focus on Regulation D real estate syndications, private lending, promissory notes, undisclosed leverage, and financial representations made to limited partner investors.

His investigative reporting appears through the Fraud News Network and other digital publications.

Media contact: press@barryminkow.com
Website: www.barryminkow.com
Investigative tips: investigations@barryminkow.com

The term “cardiometabolic disease” refers to a group of metabolic and cardiovascular conditions that dramatically raise a person’s risk for heart attack, stroke, and type 2 diabetes. These conditions include hypertension, atherosclerotic disease (buildup of fatty deposits inside blood vessels), insulin resistance and obesity. While many of the conditions that fall into the cardiometabolic family of diseases qualify as preventable conditions, the vast majority of Americans live with one or more unmodifiable risk factors such as genetically-related factors, for cardiovascular-kidney-metabolic (CKM) syndrome, another umbrella term for cardiometabolic health conditions. Charles V. Pollack, MD has researched multiple treatments for these conditions for many years. Nearly 50 percent of Americans have developed some type of cardiometabolic issue. Tufts University reports that fewer than 10 percent of Americans live with optimal cardiometabolic health.

It is difficult to overstate the importance of strong cardiometabolic health. Cardiometabolic diseases impact cardiovascular function and can cause heart disease, the leading cause of death in the United States, according to the Centers for Disease Control and Prevention (CDC). They can also cause organ failure, among other complications. 

As mentioned, Americans can take several steps to mitigate their likelihood of developing CKM syndrome or other cardiometabolic conditions. Smoking tobacco products represents a major risk factor for cardiometabolic complications, especially heart disease and impaired cardiovascular function. A number of chemicals in cigarettes cause blood vessels throughout the body to narrow, resulting in conditions such as coronary heart disease and atherosclerosis. The CDC reports that individuals who quit smoking can notably reduce their risk of cardiovascular disease. Similarly, excessive alcohol consumption contributes to pancreatitis, liver disease, and cardiovascular disease risk.

Maintaining a nutritious, well-balanced diet and exercising regularly are two of the simplest and most effective ways of preventing cardiometabolic complications. Patients should consult with their doctors regarding a balanced meal plan. In addition, the CDC advises all Americans to engage in at least 150 minutes of moderate physical activity each week.

Lifestyle changes are not always enough to prevent cardiometabolic issues. Various treatment options exist for Americans living with cardiometabolic diseases, including emerging treatments, like short interfering RNA (siRNA) medications. Scientists and clinical researchers like Charles V. Pollack, MD, are deeply engaged in expanding siRNA research and harnessing the many benefits of these medications. For example, siRNA medication provides health benefits that last for several months, compared to traditional medications for cholesterol, diabetes, and various vascular conditions, which often necessitate daily pills or regular injections.

Medications that utilize siRNA work higher upstream in the biological pathway, resulting in a more powerful and reliable treatment compared to traditional drugs that impact proteins already active in the bloodstream. By co-opting the body’s natural cellular processes, siRNA halts the production of proteins associated with a specific disease.

Physicians like Charles V. Pollack, MD, are working toward the next generation of cardiometabolic care by developing new siRNA therapies that draw on advances in the fields of molecular biology, clinical pharmacology, and cardiometabolic medicine. However, the process is complicated. Clinicians must select the most impactful protein targets, develop specialized dosing schedules, and gauge effects for duration, safety, and reversibility, among other concerns. Furthermore, the emergence of siRNA has compelled medical leaders to completely rethink the design of clinical trials, such as a shift to long-term event reduction as opposed to short-term lab changes. 

Of course, the reward is worth the challenge for health care professionals dedicated to supporting patients with cardiometabolic services that are more effective, proactive, and convenient. Clinicians and researchers developing the latest siRNA medications have laid the foundation for a better future, allowing for a more impactful approach to how doctors treat and prevent many of the world’s most common and deadliest diseases.