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PetroChina and HPI reach intent to set up joint venture

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Publish time: 9th December, 2011      Source: CNPC
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                      On December 7, PetroChina and Huaneng Power International (HPI) signed a letter of intent for joint investment, to set up a power company in Shangdong province, so as to improve the structure of gas-fired power generation in the region, and to increase the proportion of power generated by clean energy sources.
  
  CNPC Vice President Liao Yongyuan presided over the ceremony. PetroChina Vice President Huang Weihe and HPI President Liu Guoyue signed the letter of intent on behalf of the two sides.
  
  Huaneng Group, a major state-owned power generation group, currently has installed capacity of 120 million kilowatts in 30 provinces, cities and overseas markets. Huaneng Power International, Inc. was established in 1994 and became listed on New York Stock Exchange in October of the same year. In September 2009, the company signed a strategic cooperation framework agreement with PetroChina.
  
  PetroChina and HPI have been on a good strategic partnership for a long time，with HPI focusing on developing its core business of electricity and improving China's power generation infrastructure, and CNPC securing natural gas resources for the power plants. The establishment of the joint venture will provide an opportunity for the two sides to promote the gas-fired power generation industry's development and make greater contributions to energy conservation and emission reduction, as well as to the economic and social development in the local area.