Shenergy lanyards begins c**truction of Shanghai gas-fired power plant
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Shenergy begins c**truction of Shanghai gas-fired power plantPublished: 21 Jun 2009 16:57:27 PST

Top 5 News From ChinaKnowledge.comCIC may invest US$ 500 mln in Blackstone hedge fundShenergy begins c**truction of Shanghai gas-fired power plantChinese stocks up 0.93% on FriHTC expects sales of Android-powered HTC Magic to hit 1 mlnChina's coal imports hit 9.43 mln t** in MayJun. 22, 2009 (China Knowledge) - Shenergy Co Ltd<600642>, a Shanghai-based company mainly engaged in the investment of electricity, petroleum and natural gas, has kicked off c**truction of a natural gas-fired power plant in Shanghai's Lingang New City, sources reported.

The project will involve a total investment of RMB 5.48 billion and the new plant will house four generation units with a capacity of 350 megawatts each. The first two units is expected to start operation in 2010, while the other two to be completed before the peak season in 2011, according to Shenergy.

The new plant will help ease Shanghai's increasing energy demand and reduce the city's reliance on fossil fuel in electricity generation.

Meanwhile, the power project will also support the liquefied natural gas (LNG) receiving terminal at the Yanghsan Deep-water Port, which was jointly invested by Shenergy Group Co, parent of Shenergy Co Ltd<600642>, and the China National Offshore Oil Corporation (CNOOC).

Shenergy's net profit in the first quarter of this year reached RMB 557 million, with earnings per share standing at RMB 0.19, up 18% year on year, benefited from rising price of electricity in the second half year of 2008 and its newly installed power generation units in Waigaoqiao Free Trade Zone in Shanghai.


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