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|  | | CPI signs strategic cooperation agreement with China Shipping |
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¡¡¡¡China Power Investment Corp. (CPI) signed a strategic cooperation agreement with China Shipping (Group)Company on March 12.
¡¡¡¡The two companies said they will expand their cooperation and further develop their joint venture, Shanghai Friendship Shipping.
¡¡¡¡Lu Qizhou, General Manager of CPI, said in the announcement that the
¡¡¡¡company plans to build more coal-fired power plants in China's coastal
¡¡¡¡areas, including Shanghai Municipality, Jiangsu Province and Guangdong
¡¡¡¡Province, which will receive coal transported by China Shipping.
¡¡¡¡Shanghai Friendship Shipping was established in 2001 with RMB 50 million($7.04 million) in registered capital. China Shipping and CPI both have a 50% stake in the joint venture.
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