Nexen Tire

Nexen Tire (Korean: 넥센타이어) Corporation is a tire manufacturer, headquartered in Yangsan, South Gyeongsang Province, and Seoul in South Korea. Its major domestic competitors are Hankook and Kumho. The company's name is reflected in the company slogan, "Next Century Tire."

Established in 1942 under the name, Heung-A Tire Company, Nexen Tire Co. has served the industry for the past 71 years. They were recognized in 1956 as the first Korean tire company. In 1985, Nexen dedicated a facility in Yangsan, Korea, to the production of radial tires.

The company changed their name in 2000 from Woosung Tire to Nexen Tire Corporation. The name Nexen is a combination of two future-oriented words; next and century. That same year also saw Nexen Tire listed on the KOSPI 200 Index future market.

In 2005, Nexen Tire was awarded a patent for the technology to manufacture rubber/stratified silicate nano-composite tires. By 2006, they had completed development on the new UHP and Winter LTR/SUV pattern. To accommodate increased global demand for the Nexen brand, they opened yet another tire manufacturing plant in Qingdao, China in 2007. Nexen's domestic market share increased from 8% to 20%, with annual sales exceeding $600 million. Nexen employs over 2,000 employees. Nexen Tire currently exports to 120 countries.

Nexen

Nexen/CNOOC is a Chinese oil and gas company based in Calgary, Alberta. On 25 February 2013, Nexen became a wholly owned subsidiary of Beijing-based CNOOC Limited. It was a Canadian company, but was purchased by CNOOC.

It has three growth strategies: oil sands and shale gas in western Canada as well as conventional exploration and development primarily in the North Sea, offshore in West Africa, and deepwater exploration in the Gulf of Mexico.

History

Nexen started in 1969 as Canadian Occidental Petroleum Ltd. (CanOxy), and was 80% owned by Occidental Petroleum, an oil company based in Los Angeles. In the first decade of its existence, CanOxy was fairly Canadian-oriented. During the 1980s and 1990s they increased their international holdings, first in the Gulf of Mexico, then into places like Yemen and the North Sea. Further Canadian assets were also acquired.

In the 1990s, Nexen, then known as CanOxy, purchased the assets of what once was the first state-owned oil and gas company in North America; Wascana Energy Inc., formerly known as SaskOil. Founded by Saskatchewan New Democratic Party Premier Allan Blakeney in 1973, Saskoil was privatized in 1986 by Progressive Conservative Premier Grant Devine.