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China may merge top nuclear power firms

Date:08/12/2014   View: 2003   Tags: China; Nuclear power firms
China, the world’s largest energy consumer, is considering proposals to merge its two largest nuclear power firms to better compete in the overseas market, media reported, citing industry officials.

Plans have already been submitted to the State-Owned Assets Supervision and Administration Commission (SASAC) to merge the China National Nuclear Corporation (CNNC) with the China General Nuclear Power Corporation (CGN), Reuters cited Xu Lianyi, a former government official and industry consultant, as saying on December 4.

The proposals had received strong backing from the central government, Xu said at an industry conference in Beijing.

The two companies were deliberately set up as rivals to compete for projects at home and overseas. But under government prompting, they have cooperated on a single reactor brand, Hualong I, with the intention of eventually marketing it abroad.

The first Hualong I reactor is expected to be approved for construction soon, with local media reports saying it would be built in the southeast province of Fujian.

Industry insiders think that it is inevitable for the merger between CNNC and CGN as both firms were looking to pool their resources and improve their ability to compete overseas.

CNNC was hived off from China's now defunct nuclear ministry and has strong ties with the military and the government.

CGN, formerly known as China Guangdong Nuclear, is the state-owned parent of CGN Power, which raised $3.2 billion in an initial public offering in Hong Kong this week.

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