China CAMC Engineering inks USD250-million-worth of agreement
China CAMC Engineering Co., Ltd. announced May 15 night that it inked a commercial agreement about Morocco tire plant with Tijan Petroleum LLC. of Saudi Arabia.
The agreement values 250 million US dollars and the two sides will establish a semi-steel radial tire plant for passenger cars and light trucks.
The plant will be settled in Kenitra, Morocco, with a designed capacity of 3 million tires. The project will take 30 months.
China CAMC Engineering disclosed in the announcement that the transaction accounted for 21.39% of its operating revenue in 2016 and was expected to affect is operating revenue and profit in the coming three years.
An industry expert said the fulfillment of the agreement will help enhance the Chinese firm’s professional advantage in industrial engineering and further expand the market share in West Asia and Africa.
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