China forms new energy company based on China Guodian Corporation and Shenhua Group merger

Almaty. August 29. Silkroadnews – China forms new energy company based on China Guodian Corporation and Shenhua Group merger, Xinhua news agency reported.
“China’s State Council has approved a merger between China’s major power generator China Guodian Corporation and coal producer Shenhua Group. The two companies will be restructured to form a new energy investment company, the State-owned Assets Supervision and Administration Commission (SASAC) said on its website”, the report said.
Shenhua Group is said to be the world’s largest coal supplier. It also produces, transports and markets electricity, railways, ports, shipping, coal liquefaction and coal-chemical industry. As of the end of April 2017, its total assets exceeded a trillion yuan.
As for China Guodian Corporation, it is one of China’s five largest electricity producers. According to H1 2017 results, the company’s power generators installed capacity reached 143 million kW, the total assets of the company exceeded 800 billion yuan.
According to the agency, in 2017 Shenhua group and China Guodian Corporation ranked 276th and 397th in the list of the world’s 500 largest companies by “Fortune” magazine.