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Huaneng Singapore Project: the central enterprises to go out of the successful sample

Source:Economic Information Number of visits: Date:2013-12-26 08:53

The head of the blue sky and white clouds, green grass at the foot of the coal-fired power plant, to seek a grain of coal, the chimney can not see a wisp of smoke...... This is the Singapore Jurong Island China Huaneng thermal power plant Tuas power company Busu saw.
"Not only in Singapore acquired Tuas Power Ltd, countries still in the environmental protection standards are very high for the successful development of the first green coal power project, Huaneng Group great." This is the state owned assets supervision and Administration Commission, deputy director of the press center Hu Yu during a visit to the Board issued after the UVs thermal power plant with emotion, he said, "Huaneng Singapore project is a sample of the Chinese central enterprises' going out 'success."
Acquisition: the biggest overseas acquisitions Chinese Tuas power enterprises
Currently occupy the 21% share of the Tuas Power Ltd of power market in Singapore, belonged to the government of Singapore, a wholly-owned holding company light horse Xiqi power generation enterprises. In March 2008, Huaneng Group to 4235000000 Singapore dollars (about 21000000000 Yuan) to acquire 100% stake in the price of this.
The acquisition is not only the largest overseas acquisition of Huaneng, but also the largest Chinese power generation companies overseas acquisitions." Huaneng Group, director of the center for news Lu Wenhui said that Temasek is facing the international market open tender bidding person, Huaneng by virtue of their own in the field of power generation of specialized strength, beat Japan, India and other five international competitors, to win success.
Huaneng is one of the earliest enterprises in China to implement international strategy. As early as 1994, Huaneng New York publicly listed in the United States, became the first Chinese funded enterprises listed in the United states. Especially since 2000, with the deepening of the reform of the electric power system, the industry competition is increasing, the fine power supply point is scarce. At the same time, with the rising fuel costs, it is subject to the domestic electricity price regulation system, the power generation enterprise profit space is limited. In this context, the pace of internationalization of China further increase.
In 2004, learned the news of the Singapore electricity market reform of privatization, Huaneng began a comprehensive inspection to Singapore power assets, and the light horse Xiqi including Tuas power, three power company assets disposal of sustained attention. October 2007, the official start of the sale of the power of the light horse tin, Huaneng rapid hand, to participate in the bidding. After two rounds of fierce competition, March 14, 2008, Huaneng and Temasek acquired Tuas power agreement signed.
It is understood, acquisition is completed, Huaneng not only all retained the original Tuas power management layer, and not to the Singapore sent any shares of Oriental management personnel, just in domestic established a Tuas power management office, equipped with a streamlined full-time staff responsible for monitoring and managing related work relevant to Tuas power, Huaneng headquarters departments of centralized coordination of guru Rinpoche's operational guidance and supervision at the same time.
"For the Huaneng this management, at that time the outside world has more questions: so can you? Will result in the loss of state-owned assets? In fact, Tuas power with stable management, returns to produce a perfect answer." Huaneng Power International Tuas project responsible person Chen Xi said that over the past six years, Tuas project made far more than the expected level of profit, especially in the domestic market fuel cost tall look forward to power generation enterprise business generally fall into the plight of 2011, Huaneng Singapore investment when profits become China can maintain the overall profitability of the fulcrum.
Huaneng acquired Tuas power, also fully affirmed by the singapore. In Temasek headquarters, a media official said: "we are very pleased to see Tuas after joining the Huaneng Power supply to Singapore to make contributions, suggesting that Temasek original decision is correct." The energy authority of Singapore (EMA) vice president Yang Yicheng when accepting a reporter to interview, said: "as the regulatory side, EMA to Tuas power is Huaneng acquisition in power supply to maintain a high degree of reliability and stability thanks."
Development board: coal Busu demanding countries in environmental protection projects
In accordance with the relevant provisions of Singapore, in order to ensure the competitiveness of the power market, the main power generation companies in particular the size of the three major power generation companies are strictly controlled by the government. This has brought challenges to the international ambitions of huaneng. But with a deep understanding of Huaneng Power generation industry, start path, seek new breakthroughs in the Singapore market.
"Through research, found Huaneng, Singapore as the world's third largest oil refining center, the petrochemical industry concentrated distribution in Jurong Island. As there is no any natural resource of the city state, Singapore energy supply mainly rely on natural gas from Indonesia and Malaysia, which makes Jurong Island is facing severe cost pressures. " Huaneng Power International Tuas project office responsible person said. Accordingly, the Huaneng Tuas power adaptation Singapore government energy supply diversification demand, proposed in the Jurong Island Development of clean coal mixed burning biomass power generation project -- the board the Busu project. "
Singapore does not have any experience in coal power generation, on the other hand, but also has more stringent environmental requirements than the european. To reassure people and the government of coal-fired scheme. At the same time, decreasing cost of power generation and meet the dual goals of the prevailing environmental demands, Huaneng Tuas, after many visits of the decision board Busu project using circulating fluidized bed boiler with coal and biomass co firing scheme, namely planning in thermal power plants fired with low ash and low sulfur coal and biomass (palm shell and sawdust) to meet emission standards.
According to this energy CEO Lin Gangpei introduced, as a planning a total investment of 2000000000 dollarsTuas power vice president, thein the Busu Project Manager Chen Jiaqi proudly said: "as Singapore first seat to coal power plant as the main fuel board Busu projects in nearly 10 months of operation, and various emissions indicators have reached Singapore's strict environmental standards."
"China has changed the history of Singapore's power development by relying on its own technology and experience in the field of coal and electricity." This is the Singapore economic development board (EDB) energy and chemical department director Liang Zijian in an interview with reporters to make an evaluation.
Huaneng ambition: to build an international business management platform
"The acquisition of Tuas power is Huaneng 'implementation as a result of going out' strategy, but it is not our ultimate goal." Huaneng concerned revealed said, "from Singapore's special position and combination of Chinese and western special cultural background, we hope the Tuas power construction become Huaneng in the future in the face of the world in a platform, through this platform, Huaneng can seek better asset project, also can seek renewable energy technology, to participate in International cooperation in deeper."
It is understood that, based on the above considerations, an important objective is "learning acquisition Huaneng tuas". Huaneng Group General Manager Cao Peixi pointed out that Huaneng Power as the core, coal based, financial support, technology leading, industry collaboration, the Huaneng building into a world-class enterprise with international competitiveness, the strategic positioning, to achieve the world first-class enterprise with international competitiveness, we should go out with the world class enterprise cooperation, learning and accumulation of their international operations management experience.
As the original light enterprise Ma Tao, who owns the corporate governance structure of Temasek's unique. Huaneng retains its original corporate governance structure (just an increase of two members from the board of directors), an important purpose is to learn its advanced mechanism design, such as the parent company's control mode, the enterprise internal control system construction, etc..
At the same time, Huaneng through the acquisition, but also to learn and explore the financing of an international project management model. According to reports, Huaneng purchase Tuas power achieved in overseas acquisitions take international syndicated loan mode without recourse project financing, greatly reduces the risk of project investment and financing costs. The use of loan funds to give full play to the financial leverage effect, in order to improve the return on capital investment of huaneng.
"In addition, Huaneng purchase Tuas power have a purpose is to learn and master the competitive electricity market operation experience." Lu Wenhui, director of the China News Center, said that Singapore's electricity market reform started late, but in front of China, they are fully realized the power of the market. Huaneng although not to the Tuas sent a manager, but constantly sent staff to learn, especially sent the backbone of the business in the prime of life to go to Singapore for a short-term work and on-the-job training, and cultivate a group with international business management team of professionals familiar with international market operation rules and a the Huaneng to participate in future domestic electric power market reform and competition do reserve personnel.
(this article from "Economic Reference News".)
 

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