Gérard Mestrallet, Chairman and CEO of ENGIE, has signed a Memorandum of Understanding (MoU) with Ding Xuedong, Chairman and CEO of China Investment Corp. (CIC). The deal reinforces cooperation between the two companies in the co-investment in large energy projects, particularly renewable energy projects in fast developing countries, as well as in new technologies and in energy efficiency fields, especially in China.
The cooperation between ENGIE and CIC started in 2011.
The latest MoU announcement consolidates the two parties’ cooperation in the past years, and it keeps pace with their new strategies. The MoU also illustrates their common vision on the transition to a low carbon economy at a global scale.
ENGIE has been present in China for over 40 years. In 2008, ENGIE opened its first representative office in China and started to develop relationship and cooperation with Chinese partners in the energy field, such as natural gas, LNG, gas infrastructure, energy services and engineering services, for projects in China as well as in overseas markets.
In the field of natural gas, ENGIE signed a worldwide partnership in 2011 with CIC, granting the latter a 30% share in ENGIE exploration and production activities. The Group sold 2.3 million t of LNG to the China National Offshore Oil Corp. (CNOOC), with deliveries beginning in 2013, and installed the first floating regasification terminal in China. In 2012, ENGIE also began a cooperation agreement with PetroChina to explore the upstream gas potential in Qatar, then extended the agreement to gas storage in China in 2013 (development support for six sites). The Group currently assists Shanghai Gas Group, a unit of Shenergy Group, for the expansion of one of its LNG terminals.
Edited from press release by Callum O'Reilly
Read the article online at: https://www.lngindustry.com/regasification/01072015/engie-and-cic-sign-mou-973/