On June 5, Zhongyou BSS (Qinhuangdao) Petropipe Co., Ltd., a JV between CNPC Baoji Petroleum Steel Pipe Co., Ltd. and Malaysia-based UMW Holdings Bhd, became operational at Qinhuangdao City in Hebei Province. The visiting Malaysia's Prime Minister Najib Tun Razak cut the ribbon at the opening ceremony.
Zhongyou BSS Petropipe involves a total investment of RMB 1.3 billion yuan. CNPC holds a 51% stake in the JV and UMW Holdings owns the remaining 49%. The JV has two manufacturing lines for large diameter LSAW and SSAW steel pipes, and two production lines for external and internal corrosion protection, with an annual capacity of producing 400,000 tons of LSAW and SSAW steel pipes, and coating 6,000,000 square meters.
Prime Minister Najib Tun Razak expressed that 35 years since the establishment of Malaysia-China diplomatic ties has witnessed remarkable progress in the bilateral economic and trading cooperation. He also hopes the JV be a model to encourage Malaysian companies to invest abroad especially in China.