The First Stone Laying Ceremony of VAM (Changzhou) Oil and Gas Premiums
Equipment Co., Ltd.
CHANGZHOU, China, Dec. 7 /Xinhua-PRNewswire/ -- French-based Vallourec
Group, the world’s number one supplier of seamless tubes, has continued its
third investment project in Changzhou, China, at USD60 million, by launching
VAM (Changzhou) Oil and Gas Premiums Equipment Co., Ltd. The construction
work breaks ground today, and will be completed within ten months. This new
plant will have an annual capacity of over 50,000 tons, with an output of
over RMB1 billion. The accumulative investment of Vallourec Group in
Changzhou will be over USD100 million.
The First Stone Laying Ceremony of VAM (Changzhou) Oil and Gas Premiums
Equipment Co., Ltd.
The first phase of VAM Changzhou new plant covers 100 mu. The registered
capital is USD20 million with a total investment at
USD60 million. Being a wholly owned subsidiary of Vallourec & Mannesmann
France, the VAM new plant is dedicated to special equipment for oil and gas
exploration. Changzhou officials Fan Yanqing, Dai Yuan, Han Jiuyun and
Changzhou National Hi-Tech District (CND) official Zhu Jianwei attended the
ceremony.
The first investment to CND from Vallourec Group in 1996 was the
Changzhou Valinox Great Wall, a welded pipes plant, which has been expanded 6
times during 10-years of development. Its production capacity has increased
10 times and its products account for over 50% of China’s power equipment
market. By July 2005, Vallourec Group set up its second project in
Changzhou, a seamless tube plant. The total investment is USD 37 million.
The plant was officially put into operation on September 29th, 2006. Its
products include high outside diameter seamless pipes to be used mostly by
the Chinese power generation and the mechanical industries.
Prompted by the ideal investment environment, Vallourec Group takes
further decision on capital construction in CND. When addressing the first
stone laying ceremony, Vallourec Group manager Mr. Philippe Emery confirmed
the position of Vallourec Group to remain close to its clients in China
through its investment to Changzhou and remain closely associated with the
economic development of Changzhou and China as a whole.
Mr. Fan Yanqing, Secretary of Changzhou Municipal Committee, commented at
the meeting with Philippe Emery that the desirable investment environment,
which has been well recognized by Vallourec Group’s three investment
projects, still has room for improvement on efficiency and quality, regarding
the governmental services to investors.
Mr. Han Jiuyun, Vice Mayor of Changzhou, expressed confidence that VAM
(Changzhou) Oil and Gas Premiums Equipment Co. Ltd. would be built up into an
important base for the designing and manufacturing of oil and gas equipment,
contributing to the sustained development of China’s energy industry.
He also stated that Changzhou will continue to abide by the laws that are in
place, and follow a path of honesty and efficiency, intensifying construction
to enable the creation of an investment environment compatible to the
international practices, allowing Changzhou to become the best investment
opportunity in the Yangtze River Delta in terms of development velocity,
economic return and investment potential.
About Changzhou National Hi-Tech District
Changzhou National Hi-Tech District (CND), a national industrial
development area approved by the State Council, was established in August
1992.It lies in eastern China’s Jiangsu Province, very close to the Yangtze
River. After 14 years' development, CND has made notable achievements: it not
only has built complete infrastructure facilities and perfect supporting
services, but also has formed a strict legal system. Undoubtedly, CND has
become one of the investment spotlights for foreign investors in China.
