Tongwei, a Chinese solar company, plans to acquire a controlling stake in Runergy at a cost of $698 million.
Tongwei, a Chinese solar company, plans to purchase a majority stake in rival Runergy. The deal will cost the company approximately 5 billion yuan (697.78 million dollars). This move would enable the company to establish itself in the United States. Tongwei, in a late Tuesday filing to the Shanghai Stock Exchange…
LOC to Provide MWS for Chinese Offshore Wind Farm Project
LOC has won a contract to provide Marine Warranty Services (MWS) to support transport and installation operations for the development of the Jieyang II windfarm. The Jieyang II windfarm will consists of 64 wind turbines, with an installed capacity of 350MW, and a 220kV offshore booster station. The…
Construction Starts on Zhangzhou Nuclear Project
China National Nuclear Power Co Ltd started the construction of the Zhangzhou nuclear project on Wednesday, the company said in a filing to the Shanghai Stock Exchange.The project, which will use China's homegrown third-generation nuclear reactor technology know as the "Hualong One", was the first new conventional nuclear project to be approved by China in three years
China Petroleum Engineering Wins Russia Gas Work
China Petroleum Engineering said a subsidiary has won a contract worth $2.52 billion for the construction of a gas processing plant with Russia's NIPI gas. The project, part of the Power of Siberia pipeline to ship gas from eastern Siberia to China, will process 42 billion cubic metres of gas a year…
Etern Inks $1.1 Bln Bangladesh Power Grid Deal
China's Jiangsu Etern Co Ltd signed a deal worth $1.1 billion to strengthen the power grid network in Bangladesh, the company said on Thursday, ahead of a visit to the country by Chinese President Xi Jinping. The Power Grid Company of Bangladesh Ltd and Etern signed the four-and-a-half year deal to "expand…
Uncertainty in Asia Echoes Around The World - BIMCO
2016 continues where 2015 ended, with all eyes on China. This is mainly because of uncertainty surrounding the development of the world’s second-largest economy. When the first day of the Shanghai Stock Exchange of 2016 closed prematurely, the trading results echoed around the world. It warned us that we are in for a rough ride in 2016.
Sinopec Corp Expects 11-Fold Q2 Profit Jump
Sinopec expects more than 1,000 pct rise over Q1. Sinopec Corp said on Wednesday that it expected an 11-fold jump in quarterly net profit, and has halted trading on the Hong Kong bourse until Thursday. In a notice to the Shanghai Stock Exchange, the state-controlled energy giant said it estimated…
China Nuclear Power Firms Merge to Fuel Global Clout
China Power Investment Corporation and State Nuclear Power Technology Corp have officially announced their merger, as Beijing moves to consolidate its nuclear power sector, aiming eventually to export reactors. China Power producer currently controls about a tenth of China's nuclear power market…
Sinopec, PetroChina Dismiss Merger Rumors
Sinopec Corp and PetroChina on Monday dismissed media reports their parents would merge to create a state giant, saying they have never received any official information about such a restructuring. "Neither the company nor its controlling shareholder has ever received any information, written or verbal…
Gazprom Aims at New Markets for Company’s Shares
Board of Directors have reviewed Gazprom’s activities aimed at gaining new stock markets for Company’s shares. The Board of Directors took note of the Gazprom’s activities aimed at gaining new stock markets for the Company’s shares. At present, Gazprom’s shares are listed on the Moscow and Saint Petersburg Exchanges as well as Russia’s over-the-counter market.
Huaneng Power Sees Weakest Profit Growth in 3 Years
Huaneng Power International Inc., China's largest power producer, posted its weakest annual profit growth in three years due to a slowing economy reducing electricity demand and asset writedowns. The company posted a net profit 10.55 billion yuan ($1.7 billion) last year, up 0.2 percent from 2013, it said in a filing on the Shanghai stock exchange.
China Could Struggle to Meet 2020 Nuclear Targets
China could struggle to meet its 2020 nuclear energy targets with the industry still waiting on a cautious government to speed up the approval process, a senior industry executive said on Saturday. But as it waits for domestic projects to go ahead, the state-owned China National Nuclear Corporation (CNNC) is now ready to start selling reactors overseas…
Sinopec Embarks Major Move to Restructure Yizheng
Sinopec Corp , Asia's largest refiner, has taken a major step to restructure its loss-making unit Yizheng Chemical Fibre Co Ltd in an asset swap worth over a billion dollars. Yizheng, which has been suffering from weak global polyester demand, said the restructuring would involve selling its assets valued at 6.5 billion yuan (1.06 billion US dollar) to its parent.
PetroChina Overseas Operations Chief Under Investigation
PetroChina's overseas operations chief Bo Qiliang is under official investigation after being removed from his post, a company source with knowledge of the matter told Reuters. Earlier on Friday, PetroChina said in a filing with the Shanghai Stock Exchange that Bo had left his post due to a change in job role, but did not give a reason.
Nanjing Tanker To Be Delisted, First By Central Gov't Backed Firm
Loss-making shipping company Nanjing Tanker Corp will be delisted from the Shanghai Stock Exchange after a five-day grace period, marking the first time for a company backed by the central government to be dropped from a domestic exchange. The delisting comes after the government allowed China's…
