En+ Group, Russia’s leading mining, metals and energy group, has signed a strategic cooperation agreement with China Huaneng Group, one of the largest electricity producers in China.
Under the agreement, the two companies agreed to jointly develop power projects in Russia to feed the growing domestic demand for electricity and to supply electricity to China. En+ and Huaneng will also consider joint development of coal projects in Russia. The deal comes as Russia steps up its energy supply to China, the world’s largest energy user.
Oleg Deripaska, President of En+, commented: “We are further strengthening our cooperation with China and [are] delighted to partner with China Huaneng Group with its unique expertise and experience in [the] power sector”.
Mr. Cao Peixi, President of China Huaneng Group, added: "Huaneng attaches great importance on the cooperation with our Russian partner and we hope that the cooperation will achieve fruitful results in the coming future".
En+ announced earlier this month that it had signed long-term contracts with Chinese and South Korean companies to supply 3 million t of coal over the next three to five years.
Adapted from press release by Katie Woodward