The Hualong International Nuclear Power Technology Company, a joint venture (JV) set up by the China General Nuclear Power Group (CGN) and the China National Nuclear Corporation (CNNC), was officially founded on Thursday.
Establishment of the JV will help promote technologies of China's third-generation nuclear reactor design, Hualong One, in overseas market. The JV has a registered capital of 500 million yuan, with the CGN and the CNNC each holding 50 percent of shares.
The Hualong One design is the country's third generation of nuclear reactor design for safer and more efficient operations that will be widely adopted in domestic nuclear power projects. At present, construction on pilot projects using Hualong One have started in Fuqing, southeast China's Fujian Province, and Fangchenggang, south China's Guangxi Zhuang Autonomous Region. Meanwhile, the Hualong One has also made a big breakthrough in the international market. Construction on the Hualong One project in Karachi, Pakistan has started and gone well. An agreement with Argentina was reached in November, 2015, guaranteeing the use of Hualong One in the fifth nuclear plant in Argentina, a key emerging market for Chinese companies.
In October, 2015, the CGN and the Electricite de France (EDF) signed a strategic investment agreement to build a nuclear power plant at Hinkley Point in the southwestern part of Britain.
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