The two companies have announced the signing of a memorandum of understanding (MOU) outlining a strategy to co-operate across multiple business sectors and geographical regions, but with an emphasis on Asia.
This co-operation is expected to kick off with an equity investment by CIC – a state-owned investment institution – in GDF Suez’s Exploration and Production division. The MOU will also be deployed across GDF Suez’s other group businesses, including gas, power, water and waste.
The partnership with CIC will improve GDF Suez’s access to financing and boost its presence in Asia.
“I am very pleased to enter into this MoU with CIC, a major investment force worldwide, which can help GDF Suez access substantial incremental financing resources and strong networks in China and throughout Asia,” said GDF Suez CEO Gérard Mestrallet. “We will work together with CIC to rapidly identify and implement areas of cooperation that could benefit other businesses in our group, with a geographic emphasis on China and Asia.”
The cooperation will include joint investments in new and existing energy projects in Asia and the provision of commercial sponsorship and support to GDF Suez in the Asia-Pacific region by CIC’s affiliates.