(Yicai Global) Nov. 20 -- Shanghai Electric Group Co. [SHA:601727] will team up with a Hong Kong-registered floating liquefied natural gas technology service provider to jointly develop medium- to large-scale floating LNG power plants and services.
The company's subsidiary Shanghai Electric Power Generation Group has signed a Memorandum of Understanding (MOU) on strategic cooperation with Wison Offshore & Marine, an affiliate of Wison Group in the upstream oil and gas industry, in Shanghai, the power equipment giant said in a statement on Nov. 17.
The two parties intend to jointly develop medium- to large-scale floating LNG power plants and have a leading market share in the international power generation barge market, the statement emphasized.
Shanghai Electric will be responsible for providing gas turbine-related equipment to floating LNG plants and providing plant operation and maintenance support once the plant is completed and put into commercial operation. Wison Offshore & Marine will be responsible for the design and construction of floating LNG power plants. Both sides will sign separate agreements on specific division of labor, rights and obligations, said the statement.
The bilateral cooperation will benefit Shanghai Electric's market development in the field of new energy and environmental protection equipment and boost its efficient and clean energy equipment business, it added.