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Shanghai Electric inks RMB 16.5-bln deal with Siemens

Jan. 5, 2012 (China Knowledge) - Shanghai Electric Group Co Ltd<601727><2727> announced yesterday it has inked RMB 16.5 billion worth of purchase and sale deals with Siemens AG, Europe's leading engineering conglomerate, in the period from 2012 to 2014.

The Chinese electricity supplier said it has allocated RMB 3 billion, RMB 3.2 billion and RMB 4.5 billion for product purchases from Siemens between 2012 and 2014, and expects to sell RMB 1.8 billion, RMB 2 billion and RMB 2 billion of products to the partner in the period, respectively.

In 2009, Shanghai Electric spent RMB 167 million to purchase products from Siemens, and the volume reached RMB 711 million in 2010 and RMB 384 million in the first half of 2011.

Analysts said the increased trading turnover was principally boosted by the development of more wind power projects.

The Chinese partner has agreed to launch two 51%-owned joint ventures with Siemens to expand the wind power market in China, with its investment EUR 31.02 million and RMB 53.04 million in the two JVs, respectively.

Shanghai Electric has secured orders worth a total of RMB 7.6 billion for the production of gas-fired generating unit, the output capacity of which is expected to increase from current 4 units to 15 units in 2012, and 20 units in future, sources reported.

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