SHANGHAI, Nov. 4 (UPI) -- French energy company GDF Suez said it strengthened its position in China by signing a multi-tiered deal with its counterparts at Shenergy Group.
Chairmen of both companies signed development deals in Shanghai. The deal extends to liquefied natural gas, power generation and training.
"This agreement illustrates the commitment and strengthening involvement of GDF SUEZ in sustainable growth in China," GDF Suez Chairman Gerard Mestrallet said in a Monday statement.
Shenergy Group steers large energy infrastructure projects and is the largest supplier of gas and electricity in Shanghai.
GDF Suez has more than two dozen separate joint ventures established in 20 Chinese cities.
In general, Asian economies are growing faster than the rest of the world, which in turn is tilting the poles of energy demand away from a North America relying more on its oil and gas reserves to satisfy its needs.
China is one of the largest energy consumers in the world. The World Bank in October, however, said Chinese growth drops from 7.4 percent to 7.2 percent in 2015 as Beijing works to address financial vulnerabilities and build a more sustainable economic model.
