Siemens, China's SPIC eye link-up in gas turbines
7/9/2018
ZURICH, (Reuters) - Siemens and China’s State Power Investment Corporation (SPIC) have entered into a memorandum of understanding confirming their intention to collaborate on heavy-duty gas turbines, the German group said.
“The signing today will expedite finalisation of a technology cooperation agreement in the near future,” Siemens said in a statement.
Under the agreement, Siemens will support SPIC’s research and development of heavy gas turbines as well as provide training and technical consultation.
Heavy gas turbines have been a trouble spot for Siemens, which has been confronted with collapsing demand from power companies which are switching from fossil fuels to renewable energy sources.
The large turbines business is part of Siemens’ Power & Gas division, where profit plunged by 74 percent during the second quarter.
Siemens Chief Executive Joe Kaeser last month dismissed a report the German engineering company was considering selling off its struggling large turbines business as “media speculation.” (Reporting by Michael Shields; editing by John Revill)
Sign up to Receive Our Newsletter
- Gasum powers Equinor's platform supply vessel with bio-LNG
- ADNOC deploys pioneering AI-enabled process optimization technology
- Mexico Pacific announces long-term LNG SPA with POSCO International
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Golar LNG signs EPC deal for $2.2-B MK II FLNG conversion project
- ONEOK to acquire Medallion and controlling interest in EnLink for $5.9 B
- Picarro launches handheld solution for natural gas leak investigation and closed-loop leak management
- Fincantieri LNG-powered Star Princess launched in Monfalcone
- Oman plans third LNG train, boosting domestic production to more than 15 MMtpy
- Brazil's fossil push undermines Lula's green ambitions
Comments