Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

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

11/10/2012 | 10:37pm US/Eastern

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)

React to this article
Latest news
Date Title
03:17p REPUBLIC SERVICES : of Contra Costa County Hosts a Reuse Roundup to Benefit Christmas for Everyone
03:17p ITALCEMENTI : Biodynamic cement showcased at Expo to be used abroad
03:17p MEDICAL IMAGING : New Findings on Magnetic Resonance Imaging Described by Investigators at University Medical Center (Free-Breathing Combined Three-Dimensional Phase...
03:17p UNITED MICROELECTRONICS : Patent Issued for Fin-Shaped Structure Forming Process (USPTO 9190291)
03:16p SYSTEM RESEARCH : Findings on Neuroendocrinology Reported by Researchers at Hadassah-Hebrew University Medical Center (Carcinoid Heart Disease: From Pathophysiology to...
03:16p BONAVISTA ENERGY : Confirms Dividend for December 15, 2015
03:16p PULASKI FINANCIAL : Announces Date of 2016 Annual Meeting
03:16p GENERAL ELECTRIC : Patent Issued for Inspection Device and Method (USPTO 9188543)
03:16p BAKKEN RESOURCES : Change in Directors or Principal Officers (form 8-K)
Latest news
Hot News 
DEALERTRACK TECHNOLOGIES : Cox Automotive Announces Strategic Investment in Mahindra First Choice Wheels
PIRONET NDH : Have I got my IT budget right? – techconsult and Pironet NDH launch ITK-Budget-Benchmark for IT decision-makers
UBS : Consumption Indicator:sentiment brightens up
HARBOURVEST HVGPE : Press Release 31 October 2015 Interim Management Statement
REGENCY MINES : Disposal of Investment - Update
Most Read News
10:01a VISTA EQUITY PARTNERS : Signs Definitive Agreements to Acquire MarketLive and Shopatron
11/24 GOVERNMENT OF BRITISH COLUMBIA : Team BC medallists in the spotlight at 2015 Skills Canada BC gala
11/24DJSingapore 3Q GDP Growth Revised Up Sharply
03:46aDJRussia Keeps Up Tough Stance on Turkey Jet Shootdown
11/24 Hastings’ Managed Utilities Trust of Australia Named as a Successful Bidder for TransGrid
Most recommended articles
03:16pDJAmerican Airlines Stops Accepting Payments in Argentine Pesos
03:15p Wall Street up slightly, led by health, consumer sectors
03:15pDJHog Futures Hit Fresh Multi-Week High On Steadying Cash Prices; Cattle Up
03:14p Fed gives largest U.S. banks extra year for debt rule calculation
03:05p Gold Price Forecast to Fall Further versus Dollar