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Caterpillar and China Energy Investment sign strategic deal

By Jing Shuiyu | chinadaily.com.cn | Updated: 2017-11-08 20:59

Caterpillar Inc, the US-based conglomerate, and China Energy Investment Corp signed a five-year strategic cooperative framework agreement in Beijing on Wednesday.

It outlines future collaboration for mining equipment sales and rentals, technology applications and product support provided by Caterpillar and its local dealers, the US firm said.

China Energy is a newly formed State-owned enterprise created by a merger between the country's major power generator China Guodian Corp and coal producer Shenhua Group. The cooperation builds on the relationship of almost two decades between Caterpillar and Shenhua Group.

Li Dong, a senior executive from China Energy, said: "The newly signed strategic agreement will further strengthen and expand our partnerships, and create value to further support our globalization endeavors."

Qihua Chen, vice-president of Caterpillar and chairman of Caterpillar China, said the two sides will "jointly promote the sustainable transformation of the coal industry in China."

To further strengthen Sino-US economic and trade relationship, mining equipment supplied to China Energy for upcoming projects is expected to include products exported from the US, said Caterpillar.

So far, Caterpillar has supported China Energy's efforts to achieve efficient and sustainable operations in both surface and underground coal mines in China. China Energy has also expanded into the international mining industry, thanks to support from Caterpillar's global dealer network.

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