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The joint management company of Rostecha and Chinese Sinomach will work on energy projects
Rostec creates a management company with Sinomach, China’s largest machine-building corporation. The company will be engaged in the implementation of transport and infrastructure projects in the energy sector in Russia, the CIS countries, Africa and Latin America, the press service of the company reported. The Chinese side is investing 10 billion dollars in these projects. The form of the joint venture, as well as the country of registration has not yet been selected.
The agreement on the creation of the joint venture was reached during the visit of Rostekh General Director Sergei Chemezov to Beijing.
The proposal to create a management company was received from Chinese partners during a meeting that took place 4 September 2014 in Beijing. The project company can be set up by Rostech with the Chinese engineering corporation CAMC, which is part of Sinomach, and all of the 10 billion dollars of investments will be provided by a consortium of Chinese partners. To discuss joint steps, prospective directions of investment and approval of the format of cooperation with Sinomach, Rostekha CEO Sergei Chemezov proposed the creation of a working group. At the same time, the scope of the investment company will not be limited to the Asian region and can be expanded to other areas.