GDF Suez signs deals in China with CIC, CNOOC
French power and gas company GDF Suez has formed an alliance with Chinese sovereign wealth fund China Investment Corp CIC.UL and signed a deal with state-owned energy company CNOOC to bolster its presence in China and Asia-Pacific.
As part of the first deal, CIC will take a 2.3 billion euro ($3.2 billion) minority stake in GDF Suez's exploration and production unit as well as a 10 percent stake in a liquid natural gas plant in the Caribbean.
GDF Suez also signed an LNG agreement with CNOOC to provide a vessel that will be used as a floating storage and regasification unit in China.
The deals, signed during a visit to China by chief executive Gerard Mestrallet, underscore the French company's drive to expand in power-hungry emerging markets.
GDF Suez has said it will spend an average 11 billion euros per year from 2011-13 on gas and power production projects in emerging countries, where it expects 80 percent of new power production capacity to be built over the next 20 years.
GDF shares were down 4.1 percent at 20.86 euros by 0903 after reports that Belgium's political parties had reached an agreement on Sunday to shut down the country's two remaining nuclear power stations, owned by GDF-Suez unit Electrabel.
As part of the first deal, CIC will take a 2.3 billion euro ($3.2 billion) minority stake in GDF Suez's exploration and production unit as well as a 10 percent stake in a liquid natural gas plant in the Caribbean.
GDF Suez also signed an LNG agreement with CNOOC to provide a vessel that will be used as a floating storage and regasification unit in China.
The deals, signed during a visit to China by chief executive Gerard Mestrallet, underscore the French company's drive to expand in power-hungry emerging markets.
GDF Suez has said it will spend an average 11 billion euros per year from 2011-13 on gas and power production projects in emerging countries, where it expects 80 percent of new power production capacity to be built over the next 20 years.
GDF shares were down 4.1 percent at 20.86 euros by 0903 after reports that Belgium's political parties had reached an agreement on Sunday to shut down the country's two remaining nuclear power stations, owned by GDF-Suez unit Electrabel.