January 31, 2018 / 9:26 AM / in 9 months

Factbox: China regulator okays state-brokered nuclear deal

BEIJING (Reuters) - China’s state asset regulator on Wednesday approved the proposed merger of China Nuclear Engineering & Construction (CNEC) and China National Nuclear Corp (CNNC), forming a company with assets worth about $100 billion and a workforce of 150,000.

The tie-up is the latest state-orchestrated union in the nation’s vast power sector, twinning the country’s main nuclear power engineering and construction firm with its second-largest producer of nuclear power.

Here are some details about the two companies based on their websites and filings:

China National Nuclear Corp (CNNC):

The company has a total installed capacity of 14.34 gigawatts (GW) of nuclear power from 17 units in coastal provinces of Zhejiang, Jiangsu, Fujian and Hainan. It has another 8 nuclear power units that are still under construction.

It is the second-largest nuclear power producer after China General Nuclear Power Corp, which has 20 reactor units and 21.47 GW of capacity.

It has a workforce of around 100,000 people.

It owns three listed units including China National Nuclear Power Co, CNNC International and SUFA Technology Industry Co.

CNNC has either built or agreed to build nuclear energy projects in Pakistan, Brazil, Saudi Arabia and Argentina.

Apart from nuclear energy, CNNC also engages in uranium product trading and solar and wind power generation.

In the first half of 2017, CNNC had total assets of 497.76 billion yuan ($79.06 billion).

China Nuclear Engineering & Construction (CNEC):

State-owned CNEC is China’s top builder of nuclear power plants and the only eligible installer of equipment in the nuclear island (NI), which is the core part of a nuclear power unit that generates steam from nuclear fission.

The company had total assets of 123.8 billion yuan ($19.7 billion) in 2016, with income standing at 46.37 billion yuan ($7.36 billion).

With a workforce of 41,348, CNEC has built 11 nuclear energy plants in China and overseas, including Chashma nuclear power plants and Karachi nuclear power plants in Pakistan.

Reporting by Muyu Xu and Josephine Mason; additional reporting by David Stanway, Editing by Sherry Jacob-Phillips

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