by Staff Writers
Beijing (AFP) Aug 28, 2017
Chinese authorities have approved a mega-merger between the country's largest coal producer and a top electricity firm, the government said Monday, reportedly creating the world's biggest power company in terms of capacity.
The tie-up between the two state-owned companies -- coal producer Shenhua Group Corp. and China Guodian Corp. -- will be named the National Energy Investment Group Co. Ltd., the State-owned Assets Supervision and Administration Commission said in a statement.
The new firm will become the world's largest power company in terms of installed capacity, according to Bloomberg News, which said its total assets will exceed 1.8 trillion yuan ($271 billion).
Beijing has promised to cut its coal production capacity to curb pollution and shift the economy towards a consumer-driven one, while also trimming bloated industrial sectors.
It has halted construction of dozens of new coal-fired power plants across the country this year to address overcapacity.
The main business of Shenhua Group Corp. involves the production and sale of coal, railway and port transportation of coal-related materials and power generation and sales, according to its website.
China Guodian Corp. mainly develops, operates and manages power generation assets and organises electricity production and sales. Its total assets reached 803.1 billion yuan ($121 billion) as of 2016, the company said on its website.
Lincoln UK (SPX) Jul 24, 2017
Plans to create 100 new 'smart' cities in India to support the country's rapidly growing urban population could have a significant detrimental impact on the environment unless greater emphasis is placed on providing new supporting infrastructure and utilities, according to a major new study. Professor Hugh Byrd, a specialist in urban planning from the University of Lincoln, UK, conducted a ... read more
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|