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Britain’s new nuclear build – a profitable “golden era” for China’s State-owned nuclear companies

Xinhuanet 1st Feb 2018, China General Nuclear Power Corporation (CGN), a major Chinese nuclear
power operator, said Wednesday that nuclear projects in Britain were
proceeding well. He Yu, chairman of the board of CGN, said since the deals
were inked in 2016 with French energy company EDF and the British
government, CGN has invested 1.7 billion British pounds in order to advance
the projects. CGN signed agreements in 2016 for Hinkley Point C (HPC), a
nuclear project in Somerset, and a suite of agreements relating to the
Sizewell C (SZC) in eastern England and Bradwell B projects (BRB) in Essex.
“A total of 15 Chinese suppliers and contractors have passed a preliminary
qualification assessment for the HPC project,” He said. “HPC, which is
Britain’s first new nuclear power station in a generation, is the largest
construction in Europe.”
http://www.xinhuanet.com/english/2018-02/01/c_136940068.htm

Reuters 31st Jan 2018, Notable Chinese investments in Britain include the Hinkley C nuclear power
station which is being built by China General Nuclear Power Corp and the
British arm of France’s EDF (EDF.PA), while British firms, such as Rolls
Royce (RR.L), have won large deals from Chinese firms to supply items like
plane engines. Both May and senior Chinese officials have restated their
commitment to the “golden era” in ties but a row over May’s decision
to delay approval for the Chinese-funded Hinkley nuclear plant in late 2016
chilled relations. However, Britain was the first Western country to sign
up to the China-backed Asian Infrastructure Investment Bank and it sent
Finance Minister Philip Hammond to a Beijing summit last year about
President Xi Jinping’s flagship ‘Belt and Road Initiative’ – a
trillion-dollar infrastructure-led push to build a modern Silk Road.
https://www.reuters.com/article/us-china-britain/chinas-li-says-ties-with-britain-to-stay-unchanged-through-brexit-idUSKBN1FK023

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February 3, 2018 - Posted by | business and costs, China, marketing, politics international, UK

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