China-Nepal joint venture will build large hydropower project

Updated 2017-01-18 09:25:16 Global Times

Companies from China and Nepal on Tuesday reached an initial agreement to form a joint venture (JV) to build a hydropower project in midwestern Nepal, marking a breakthrough in the negotiations for the project that started a few years ago, the Xinhua News Agency reported.

The Nepal Electricity Authority (NEA) and China Three Gorges Corp (CTGC) initialed an agreement that is still pending endorsement by the boards of both companies for the 750-megawatt West Seti Hydropwer project, the Xinhua report said.

NEA and a subsidiary of CTGC signed a memorandum of understanding in 2012 to develop the project. That document stated that the Chinese company will hold a 75 percent stake in the JV, according to Xinhua.

But the large scale of the project, requiring environmental surveys and a huge amount of investment, might mean the project has been stalled, according to Lin Boqiang, director of the China Center for Energy Economics Research at Xiamen University.

"Overseas energy projects tend to take long time to complete, so this is normal," Lin told the Global Times, adding the project is mutually beneficial as both sides seek to develop clean energy projects.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58December 12 2017 18:27:32

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16December 12 2017 18:27:32

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18December 12 2017 18:27:32

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords