China’s Haier Group Dips Toes in Israel’s Petrochemical Sector
The consumer electronics company has signed several collaboration agreements with Israeli oil refining and petrochemicals company Bazan Group
Lior Gutman | 11:56 30.06.2019
Qingdao, China-based consumer electronics company Haier Group Corporation is dipping its toes in the Israeli petrochemical sector by partnering with Israeli oil refining and petrochemicals company Bazan Group. The two have signed several collaboration agreements over the past few days, according to two people familiar with the matter who spoke to Calcalist on condition of anonymity.
For daily updates, subscribe to our newsletter by clicking here.Bazan CEO Shlomi Bason confirmed the agreement to Calcalist.
Haier’s new foothold in the sector is another step in the establishment of Chinese players in Israel’s various infrastructure industries. Just last week, Calcalist reported that Chinese telecommunications company Huawei Technologies Co. Ltd. has made a strategic decision to enter the electricity production market in Israel. As part of its plan, Huawei is set to open a local representation to sell equipment to solar energy companies, providing it with access to information about the electricity production capabilities of the Israeli market. Chinese companies are already deeply involved in the Israeli road, transportation, and shipping industries. In a recent interview with Calcalist, U.S. Deputy Secretary of Energy Dan Brouillette said he had told Israeli Minister of Energy Yuval Steinitz that China does not necessarily have “pure motivations” when it makes investments.