INTER RAO – Export and China Energy International signed memorandum of understanding
INTER RAO – Export LLC and Chinese state energy company China Energy Engineering Group International signed a memorandum of understanding and strategic cooperation in power sector. The document was signed by Maxim Sergeev, the director general of INTER RAO – Export LLC, and Yang Yisheng, the president of China Energy Engineering Group International CO., Ltd.
As part of the memorandum, the companies agreed to develop cooperation, aimed at joint implementation of projects in construction and modernization of conventional thermo- and hydropower generating facilities in Middle East, Africa, Latin America and Southeast Asia. In addition, INTER RAO – Export LLC and Energy China International will independently be making a search of ambitious projects and then, taking into consideration each other’s experience and competence will make a decision on the most efficient way of joint participation in a particular project.
According to the memorandum, within a one-month period after signing the document, the Parties will set up a working group for immediate exchange of information about possible projects and ways of implementing them, as well as for discussing the possibility of using export supporting mechanisms by the Russian Federation or the People's Republic of China.
“The aim of this memorandum is to consolidate the resources of both companies for activities in various global energy markets. We support the development of cooperation between Russia and China in electric power generation industry and expect the document which was signed today to encourage further expansion of mutually beneficial partnership of the two countries,” Maxim Sergeev, the director general of INTER RAO – Export LLC, said after the signing ceremony.