China’s Haier Group Dips Toes in Israel’s Petrochemical Sector

June 30, 2019

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. The agreement was signed with Haier’s innovation arm HCH Ventures, a Bazan spokesperson further added. Founded during late 2017, HCH Ventures operates 24 startup incubators in nine countries worldwide.
The Haier Group, one of China’s largest electronics manufacturers, has been marketing its products to Israel’s private sector for years. Its decision to enter the Israeli petrochemical industry is born out of a desire to leverage the innovation initiative Bazan launched last year, which offers local companies an incubator and an accelerator, as well as support for more mature companies, the spokesperson said. The two companies are looking to promote innovation in the industry, with a focus on IoT and digital transformation.

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