 Siemens
is expanding its partnership with Shanghai Electric with the formation of one
more joint venture, Shanghai Electric Power Generation Equipment Co. Ltd. (SEPG),
which will combine the existing businesses of Shanghai Turbine Company Ltd. (STC),
Shanghai Turbine Generator Company Ltd. (STGC) and Shanghai Power Equipment Company
Ltd. (SPEC) will be combined in this joint venture.Since
1996, three Siemens and Shanghai Electric joint ventures have provided equipment
for power plants with a total capacity of 100 gigawatts. The
two companies unveiled their agreement on 1 August at the official opening of
a their new €120-million manufacturing plant in Lingang, in the vicinity
of the city of Shanghai. At
the new manufacturing plant in Lingang the new joint venture Shanghai Electric
Power Generation Equipment will produce major components for fossil-fueled power
plants. "With
the new manufacturing capacity we will together with our partner Shanghai Electric
be able in the future to even better meet China''s increasing demand for advanced
steam power plants in the capacity class above 1000 megawatts," said Klaus
Voges, president of Siemens Power Generation. "Because
power consumption will continue to increase in China technologies which use fossil
fuels such as indigenous coal to generate electricity in an environmentally compatible
and economical manner will be particularly important for the country''s future,"
Voges added. The
Power Generation Group (PG) of Siemens AG is one of the premier companies in the
international power generation sector. In fiscal 2006, ending on 30 September,
Siemens PG posted sales amounting to more than €10 billion and received new
orders totaling €12.5 billion, according to U.S. GAAP. Group profit amounted
to €782 million.
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