In this paper we present the results of the rheological property measurements on viscoelastic composite materials used in oil industry. Laboratory experiments were carried out to determine important thermophysical, rheological and mechanical properties of the test materials using both the standard commercial and in-house made equipment. The composites with the paramagnetic particles (γ-iron oxide) are exhibited a significant magnetic memory after magnetic treatment. The measured value of the yield stress after the magnetic treatment increased almost twice in comparison with the yield stress value of the magnetically untreated composite. The yield stress of the composite material exponentially decreases with time and reaches its magnetically untreated value after 15 hours. The yield stress also increases with the amount of the paramagnetic powder additive, and it reaches a maximum value at 8 wt% of this additive. The obtained results provide a valuable information for computer modeling of the viscoelastic fluid flow in pipes of complex geometry.

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