The European Commission (EC) on August 13 announced that it approved, under the EU rules on state aid, a EUR 99.5 million (EUR 495 million) extended by Romania to Nokian Tyres.

Romania has notified the Commission of its plan to support Nokian Tyres in setting up a new zero-carbon tire factory in Oradea, in Bihor county. Under the measure, the aid will be granted in the form of a direct grant.

The investment is estimated at approximately EUR 650 million.

The factory is expected to have a production capacity of approximately 6mn units per year. The project will create about 500 direct jobs, as well as other indirect jobs.

(Photo: Cosmin Iftode/ Dreamstime)

iulian@romania-insider.com