Hankook to supply tires for Sinopec subsidiaries

Shanghai, September 22 (Gasgoo.com) Hankook Tire has won an order from two transportation subsidiaries of Sinopec to supply high performance steel truck radial tires for the Chinese oil giant, Chinese website sina.com reported today.

The volumes and details of the deal were not disclosed. The Korean supplier also has business with many transportation and bus companies in China mainland.

Hankook Tire entered the Chinese market in 2003 and has since expanded its capacity in the country to 1.7 million units. The Korean tire maker is confident of raising its sales growth of 25% to 30% in China this year, despite weakening stock markets and high fuel prices.

China's tire and bus markets are growing at a rate of 15 annually and will reach 60 million units by 2010, according to industry forecasts.