Date
23 November 2017
China Power Investment Corp. controls about 10 percent of the country's nuclear power market. Photo: Reuters
China Power Investment Corp. controls about 10 percent of the country's nuclear power market. Photo: Reuters

State Council set to approve China nuclear merger

The State Council is likely to give its green light for the merger of China’s two nuclear giants soon, China Daily reported, citing industry sources.

The move could lead to consolidation within the sector and spur more overseas ventures, the report said.

The proposed merger of China Power Investment Corp. and State Nuclear Power Technology Corp., first raised in April last year, was approved by both companies earlier this year.

Wang Binghua, chairman of SNPTC, said during a nuclear power forum in South Africa Tuesday the merged entity would be called State Power Investment Group, with assets exceeding 700 billion yuan (US$113 billion) and annual sales of more than 200 billion yuan.

Experts said the impending merger will provide a boost for China’s nuclear exports and at the same time kick-start work on several new nuclear reactors.

SNPTC was established in 2007 to introduce third-generation nuclear power technology from US-based Westinghouse Electric Corp. However, it does not have a license to construct and operate nuclear power plants.

CPIC holds one of only three nuclear operating licenses in China. The other two are held by China National Nuclear Corp. and China General Nuclear Power Group.

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