News

Sembcorp Industries (Sembcorp) today inked a Memorandum of Understanding (MOU) with Chongqing Energy Investment Group to explore a strategic partnership on a broad range of development areas, in line with China’s “One Belt, One Road” initiative.

The MOU was signed by Tang Kin Fei, Group President & CEO of Sembcorp, and Feng Yue, Chairman of Chongqing Energy Investment Group in Singapore today. Owned by the Chongqing Municipal Government, Chongqing Energy Investment Group is one of the large-scale conglomerates in investment and industry in Chongqing. The Group invests in coal, electricity, natural gas, real estate, building materials, machineries and logistics businesses.

The MOU focuses on several key areas of cooperation, including renewable energy projects, township development, property development and design, engineering & construction projects in Chongqing, as well as overseas energy projects. It will also facilitate the mutual sharing of expertise in advanced technologies, professional international management and corporate governance systems.

Mr Tang Kin Fei, Group President and CEO of Sembcorp, said, “We are very honoured by the opportunity to expand our collaboration with the Chongqing Energy Investment Group. Our respective strengths, competencies and advanced technologies put us in an excellent position to achieve our mutual goals and to contribute towards China’s aim of recreating a modern version of the ancient Silk Road.”

This MOU signifies the intentions of both Sembcorp and Chongqing Energy Investment Group to strengthen the strategic partnership. Sembcorp had announced, in December 2015, a joint venture with Chongqing Energy Investment Group’s subsidiary to invest in a mine-mouth, 1,620-megawatt coal-fired power project in Chongqing, the site of the third Singapore-China government-led project after Tianjin and Suzhou.

- END –

For media and analysts’ queries, please contact:

Media
Jody Phang (Ms)
Senior Manager
Group Corporate Relations
DID: +65 6723 3180
Email: [email protected]

Analysts
Aleve Co (Ms)
Senior Manager
Group Corporate Relations
DID: +65 6723 3178
Email: [email protected]

ABOUT SEMBCORP INDUSTRIES

Sembcorp Industries is a leading energy, water and marine group operating across five continents worldwide. With facilities with over 10,400 megawatts of gross power capacity and over nine million cubic metres of water per day in operation and under development, Sembcorp is a trusted provider of essential energy and water solutions to both industrial and municipal customers. It is also a world leader in marine and offshore engineering as well as an established brand name in urban development.

The Group has total assets of over S$19 billion and employs over 8,000 employees. Listed on the main board of the Singapore Exchange, it is a component stock of the Straits Times Index and several MSCI and FTSE indices.