China's energy giants to form joint venture

Updated 2018-03-06 09:14:07 Xinhua

The logo of China Shenhua Energy Company and GD Power Development Co.

Two Chinese energy giants, China Shenhua Energy Company and GD Power Development Co., have agreed to transfer their coal-fired entities and assets to form a joint venture.

The joint venture, with a registered capital of 10 billion yuan (about 1.6 billion U.S. dollars), will focus on power and heat generation and sales, according to a statement posted on the website of the State-owned Assets Supervision and Administration Commission Monday.

GD Power Development Co. will take a 57.47 percent stake in the joint venture, while China Shenhua will hold the remaining 42.53 percent.

After the merger, the joint venture will have a total installed power generation capacity of 66.29 million kilowatts in operation, while another 10.86 million kilowatts under construction, according to the statement.

The merger was approved by the central government in August. It came as the commission had been actively restructuring the country's state-owned enterprises to improve efficiency.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58November 20 2018 21:53:26

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 12:16November 20 2018 21:53:26

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18November 20 2018 21:53:26

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.

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