Moroccan Tire Factory Project Collapsed!
On July 25th, CAMCE International Engineering Co., Ltd. answered investors' questions.
Zhonggong International stated that the Moroccan tire factory project has not taken effect and the company no longer tracks it. The main reason for not taking effect is that the project owner's funds cannot be implemented.
It is understood that in 2017, CAMCE International and Saudi Tijan Petrochemical Co., Ltd. signed a business contract for the Moroccan tire factory project.
The contract amount of the project is 250 million US dollars (about 1.725 billion yuan), located in Kenitra, Kingdom of Morocco.
The contract includes the construction of a factory with an annual output of 3 million tires for passenger cars and light trucks. The project construction period is 30 months.
Zhonggong International has rich experience in international engineering contracting and has built multiple tire factories abroad.
It participated in the construction of the first domestic tire manufacturing plant project in Saudi Arabia.
The designed annual production capacity of this project is 1.8 million tires for passenger cars and light trucks.
In addition, between 2007 and 2010, they built a factory in the city of Beilin, Myanmar with an annual production capacity of 300000 tires.
According to the data, CAMCE International was founded in 2001 and is affiliated to China National Machinery Industry Corporation Co., Ltd.
Its core business includes international engineering contracting, domestic and foreign investment, and trade.
