COSCO SHIPPING International Hong Kong has announced that it has entered into a cooperation agreement with Jilin Electric Power and SIPG Energy, both independent third parties, to establish a joint venture. This joint venture will serve as an investment platform dedicated to renewable fuels, encompassing green methanol, among other options.
In accordance with the cooperation agreement terms, COSCO SHIPPING International Hong Kong, Jilin Electric Power, and SIPG Energy have decided to establish a joint venture with a registered capital of 1 billion yuan. Jilin Electric Power will contribute 550 million yuan among the investors, representing 55% of the total registered capital. COSCO SHIPPING International Hong Kong will invest 350 million yuan, accounting for 35% of the total registered capital. SIPG Energy will provide 100 million yuan, which amounts to 10% of the registered capital. After the establishment of the joint venture, Jilin Electric Power will hold 55% of the equity, while COSCO SHIPPING International Hong Kong will own 35%, and SIPG Energy will possess 10%.
The joint venture, tentatively named Shanghai Jiyuan Green Energy Co., Ltd. (subject to the final approval and registration by the Shanghai Municipal Administration for Market Regulation and/or the State Administration for Market Regulation), has been established as an investment platform dedicated to renewable fuels, including green methanol. This venture serves as the sole project investment entity, technology research and development entity, procurement entity for various equipment and services, and product sales entity for the green methanol cooperation business outlined in the agreement. Its primary responsibility is to oversee the production of the green methanol industry chain.
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