Sembcorp Signs Agreement For Strategic Cooperation With Chongqing Energy Investment Group
Sembcorp Industries recently inked a Memorandum of Understanding (MOU) with Chongqing Energy Investment Group to explore a strategic partnership on a broad range of development areas, in line with China’s “One Belt, One Road” initiative.The MOU was signed by Tang Kin Fei, Group President & CEO of Sembcorp, and Feng Yue, Chairman of Chongqing Energy Investment Group in Singapore today. Owned by the Chongqing Municipal Government, Chongqing Energy Investment Group is one of the large-scale conglomerates in investment and industry in Chongqing. The Group invests in coal, electricity, natural gas, real estate, building materials, machineries and logistics businesses.
The MOU focuses on several key areas of cooperation, including renewable energy projects, township development, property development and design, engineering & construction projects in Chongqing, as well as overseas energy projects. It will also facilitate the mutual sharing of expertise in advanced technologies, professional international management and corporate governance systems.Mr Tang Kin Fei, Group President and CEO of Sembcorp, said, “We are very honoured by the opportunity to expand our collaboration with the Chongqing Energy Investment Group. Our respective strengths, competencies and advanced technologies put us in an excellent position to achieve our mutual goals and to contribute towards China’s aim of recreating a modern version of the ancient Silk Road.”
This MOU signifies the intentions of both Sembcorp and Chongqing Energy Investment Group to strengthen the strategic partnership. Sembcorp had announced, in December 2015, a joint venture with Chongqing Energy Investment Group’s subsidiary to invest in a mine-mouth, 1,620-megawatt coal-fired power project in Chongqing, the site of the third Singapore-China government-led project after Tianjin and Suzhou.