ENGIE and China Investment Corporation (CIC) have signed a memorandum of understanding (MOU), agreeing to reinforce their cooperation in the energy industry.
The MOU, signed on June 30th, calls for the two companies to work together in the following areas:
The cooperation between ENGIE and CIC started in 2011. It was notably marked by the establishment of a fruitful shareholder relationship in ENGIE's exploration and production activities in which CIC holds a 30% ownership interest.
In 2012, ENGIE began a cooperation agreement with PetroChina to explore the upstream gas potential in Qatar, then extended the agreement to gas storage in China in 2013 (development support for six sites). The company currently assists Shanghai Gas Group, a unit of Shenergy Group, for the expansion of one of its LNG terminals.
ENGIE has been present in China for over 40 years and in 2008 opened its first representative office in the country.