Shanghai Electric and Siemens signed the memorandum of services cooperation
July 16, Shanghai Electric Group and Siemens signed a memorandum of understanding of creating a service joint venture, which aimed at strengthening the cooperation in China's rapidly growing steam and gas turbine power generation market of two sides. Chinese Premier Wen Jiabao and German Chancellor Angela Merkel attended the signing ceremony. Zheng Jianhua, Vice President of Shanghai Electric Group and Cheng Mei-Wei, CEO of Siemens Northeast Asia, President and CEO of Siemens (China) Co., Ltd., signed the memorandum of understanding at the ceremony.
According to the memorandum, the two sides will actively seek for opportunities of providing new equipment and service for thermal power market clients, which is another breakthrough in China s thermal power market. The two sides are expected to complete the negotiation of this new service joint venture in the second half of this year.
Xu Jianguo, Chairman of Shanghai Electric Group said: The new service joint venture founded both by Shanghai Electric Group and Siemens is the further evidence of successful strategic partnership of the two sides. Peter L scher, President and CEO of Siemens said: China's rapid economic development will generate the year rate of 4% growth in electricity demand in the next 20 years. Siemens will continue to cooperate with Shanghai Electric Group to advance the sustainable development in China s power sector.
Meanwhile, further business co operations between Shanghai Electric Group and Siemens in renewable energy sector are in the planning stage.
Publishing Date:
2010-07-16
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