In collaboration with L.L.P. Kazindustriservis, a tire sales and services company, Qingdao Doublestar Tire Corporation has announced plans to set up a joint venture company for the production of truck and OTR tires plant in Kazakhstan. Doublestar will have a 27.5 per cent stake in the company while its partner will have the balance 72.5 per cent stake. The two companies are planning to invest over USD 110 million in the project.
The new plant will serve as Qingdaao Doublestar Tire Corporation’s manufacturing base in order to cater to the tire market in the CIS countries and Central Asia. The new company will be named Kazstar Tire and will be located in Oskemen, a city in far eastern Kazakhstan that functions as the administrative center of East Kazakhstan Region.
The project recently received the approval from regional officials and when fully operational, the new factory is expected to have produce 600,000 radial truck tires and 15,000 bias-ply OTR tires on an annual basis.
Kazakhstan has the strategic advantage of being located between the European and the Asian continents. The country currently is the fastest growing economy among CIS countries and offers a stable political environment in order to facilitate growth.
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