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SIEMENS and State Power Investment Corporation Limited (SPIC) agree on comprehensive cooperation

The picture shows the signing of the Strategic Partnership Framework Agreement.

The picture shows the signing of the Strategic Partnership Framework Agreement.

"With this agreement, both parties are set to benefit from the expected structural growth in China's electricity generation market," said Joe Kaeser, President and CEO of Siemens AG. "This agreement marks a further important milestone following our successful technology collaborations with Chinese enterprises over the last decades. The objective of both parties is to form a longstanding partnership extending beyond the scope of the agreements announced today," Kaeser added.
The previously signed agreement for technology collaboration in the field of heavy duty gas turbines between UGTC and Siemens follows the Memorandum of Understanding with SPIC, the majority shareholder of UGTC, which was already announced in July 2018. UGTC will complete the goal of developing China's indigenous generation of heavy-duty gas turbines independently. Under the terms of the agreement, Siemens will support UGTC's heavy-duty gas turbine program with its technical experience in the design, engineering and testing. The goal of both agreements is to establish a long-standing win-win partnership for both parties.
Electricity demand in China is continuing to grow and the government is determined to improve air quality by switching from coal to natural gas in its energy mix. Against this background China is already one of the world's most important markets for gas turbines and its importance will even grow further in the years to come.

For further information on Division Power and Gas, please see www.siemens.com/about/en/businesses/power-and-gas.htm

For this press release

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@siemens_press

@siemens_press

Update

This press release was updated on 26.03.2019 at 09:40 AM CET.
Siemens AG (Berlin and Munich) is a global technology powerhouse that has stood for engineering excellence, innovation, quality, reliability and internationality for more than 170 years. The company is active around the globe, focusing on the areas of electrification, automation and digitalization. One of the largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of efficient power generation and power transmission solutions and a pioneer in infrastructure solutions as well as automation, drive and software solutions for industry. With its publicly listed subsidiary Siemens Healthineers AG, the company is also a leading provider of medical imaging equipment – such as computed tomography and magnetic resonance imaging systems – and a leader in laboratory diagnostics as well as clinical IT. In fiscal 2018, which ended on September 30, 2018, Siemens generated revenue of €83.0 billion and net income of €6.1 billion. At the end of September 2018, the company had around 379,000 employees worldwide. Further information is available on the Internet at www.siemens.com.
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