Vallourec, a world leader in premium tubular solutions primarily serving the energy markets, began operation of a new plant on Thursday in Guangzhou, the capital of Guangdong province, aiming to accelerate its growth in the fast-growing Chinese market.

The plant, with an investment of up to 55 million euros ($72.8 million), has a designed annual capacity of 2,000 km tubes for steam generators for the Chinese nuclear power industry, the company source said.

The company’s sales in China currently represent 3 percent of its total in the global market, which reached 5.3 billion euros last year. The company supplies about 80 percent of China’s nuclear power plants, according to the company. “The Chinese nuclear energy market has become the fastest-growing market of its kind in the world. And we are taking an active view in terms of the future growth in China,” said Philippe Crouzet, chairman of the Vallourec Management Board.

By the end of 2012, 21 nuclear reactors have been under construction in China, most of which are due to go operational by 2014, sources at the French company said.

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