Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  News

News

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesHot NewsMost Read NewsRecomm.Business LeadersCalendar 

China's grid giant plans to quadruple overseas assets by 2020

share with twitter share with LinkedIn share with facebook
share via e-mail
0
11/11/2012 | 04:37am CEST

State Grid Corp of China plans to more than quadruple its overseas assets to $30 billion-$50 billion by 2020 from the current $8 billion, as the country's dominant power grid distributor seeks to further diversify away from the domestic market, the company president said.

"Our global business is a very important part of the overall business of State Grid," Liu Zhenya told a media briefing on the sidelines of the 18th Communist Party Congress in Beijing.

Overseas assets should account for at least one tenth of State Grid's current total assets of around 2.3 trillion yuan ($368 billion) by 2020, Liu said.

China's cashed-up state power groups have been scooping up overseas assets in the past few years, with State Grid - the world's largest state utility - establishing a presence in the Philippines, Brazil and Portugal.

The firm had invested more than $5 billion overseas, where its assets are now worth about $8 billion, Liu said, adding that overseas assets yielded higher returns than domestic operations.

State Grid, whose overseas investment is focused on power grids and electrical appliance manufacturing businesses, was engaged in talks for more acquisitions, he said, without giving details. The firm has set up offices in nine countries in the Americas, Europe and Africa.

State Grid was interested in joining a renewable energy investment consortium aimed at expanding the use of renewable energy in Europe and North Africa, a spokesman for the consortium, Desertec, said earlier this month.

Spread over 6,500 square miles - more than half the size of Belgium - the project's planned delivery of 1,064 terawatt hours (TWh) would be almost enough energy to power the whole of Germany for two years.

($1 = 6.2450 Chinese yuan)

(Reporting by Xu Wan, Charlie Zhu and David Lin; Editing by Nick Macfie)

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news
Date Title
11:20a PG&E6CPREF : PG&E's 'Blue Army' musters at CSU Monterey Bay, awaits Cal Fire's signal
11:14a ARAMEX PJSC : Mideast courier Aramex founder cashes out 10-percent stake
11:11a US VISA ISSUANCE : Nigeria Ranks First in Africa
11:11a INDORAMA VENTURES PCL : to Invest $4.2bn in Eleme Petrochemicals by 2020
11:10a NASPERS : Nigerians will watch Rio Olympics live- Awogu, SuperSport GM
11:10a MICROSOFT : Change the world with digital technology, Microsoft CEO tells Imagine Cup students
11:09a BARNES & NOBLE : A whirl of wizardry as fans await release of latest "Harry Potter" book
11:07a TESLA MOTORS : Group fighting ban on direct-to-consumer Tesla sales
11:07a FERRARI NV : Detroit Free Press Mark Phelan column
10:58a HYUNDAI : Mobis aims to satisfy customers by overhauling its European logistics system
Latest news
Advertisement
Hot News 
-9.07%Pearson Trades in Line; Books Earnings Loss
2.08%SABMILLER : China Approves AB InBev Deal for SABMiller -- Update
6.22%NEWELL BRANDS : Earnings Top Views
3.33%Alphabet posts strong revenue on video market, stock surges
3.94%XEROX : Posts Higher-Than-Expected Profit
Most Read News
07/30 NATIONAL GEOGRAPHIC CHANNEL : Orders Drama Script for Global Limited Series Based on Michael Crichton’s Soon-to-Be-Published Manuscript, Dragon Teeth
07/30 EXXON MOBIL : Weak refining profits add to woes at Exxon, Chevron
07/30 Chinese consortium agrees to $4.4 billion deal for Caesars online games
03:01a AMAZON : Revertical Group Purchases a Large Online Classifieds Website. Revertical Group Offers Both Advertisers and Sellers Opportunities to Reach More Shoppers.
07/30 BANK OF IRELAND : The Governor and Company of the Bank of Ireland (the ��Group��)
Most recommended articles
03:41a UK firms expect growth to stagnate over next three months - CBI
07/30 Chinese consortium agrees to $4.4 billion deal for Caesars online games
07/30 E D F : May worried by China investment, intervened to delay Hinkley
07/30 GOLDMAN SACHS : Singapore central bank says examining Goldman on work related to 1MDB bond deals
07/30DJRio Tinto Has Bounced Back on Stronger Prices for Minerals