Yanchang/Duraturn Set Their Sights On European Assets
Yanchang Petroleum was established in 1905 and relies in the thriving aerospace capital of China, Xi’an, Shaanxi province.
First ChemChina sent shockwaves by way of the tyre market by successfully buying Pirelli in 2015. This 12 months another Chinese firm – this time tyremaker Qingdao Doublestar – made waves by providing an US$830 million bid for forty two per cent Kumho Tire in mid-March. The apparent question is what’s the next tyre-associated funding to come out of China
In 2014 Yanchang Petroleum International Ltd. the Hong Kong-listed subsidiary of Shaanxi Yanchang Petroleum, which is a number one Chinese petro-chemical firm and a Fortune 500 firm bought Canadian energy firm Novus Power for $230-million. The deal was ogep oil and gas exploration and production the second largest trade between the Chinese language oil sector and Canadian property.
The purpose is that Yanchang Petroleum additionally owns Yanchang Rubber, which has a big, modern tyre production base inside its purview – not to say formidable progress plans and significant monetary backing. The tyre operation trades under ogep oil and gas exploration and production the Duraturn model identify in key international markets inside Europe and North America. Yanchang Rubber is keen to level out that its UK team will work closely with their Chinese guardian company in order to offer more opportunities.
Chinese funding focus turns in direction of tyre sector
Tyres & Accessories understands that, with tyres continuing to be a major focus in Yanchang’s growth, the acquisition of a well known, model-named, EU-based tyre manufacturing operation running in a specialist sector could be on the horizon. To this point the firm’s first attempt to close such a purchase seems to have stalled on take-off, however this has in no way dampened executives’ sky-excessive ambitions. Certainly, the word is that the agency remains decided to sell “prime quality products” to the European markets a method or another.
Yanchang Petroleum and Yanchang Rubber are headquartered in the city Xi’an within the north-western Chinese language province of Shaanxi, the house to the world-famous terracotta army site of historical curiosity. The capital city of first Chinese dynasty (est. 210BC) – and the birthplace of China’s first oil company (Yanchang Petroleum was established in 1905) – it was the World Warfare 2 headquarters of the Chinese communist-led army and the hometown of President Xi Jinping.
Xi’an’s modernization has accelerated in the course of the opening decades of the 21st century, particularly with a centered plan of being a significant aerospace centre. In November 2006, the city of Xi’an and the China Aerospace Science and Know-how Company established Xi’an Aerospace Science and Know-how Industrial Base. This zone focuses on the event of the civil house industry, including gear manufacturing, software and service outsourcing, new supplies and solar know-how. In 2008 the Xi’an National Civil Aerospace Industrial Base was added. This zone goals to be China’s National Civil Aerospace Industrial area and covers 23 square kilometres. Consequently Xi’an is now residence to nicely-identified global aerospace names such as Boeing as well as significant sized home operations.