China State Grid plans to invest 12 million euros in setting up a technology centre in Portugal, under the terms of a memorandum of understanding signed Tuesday in Beijing with Portuguese power grid group Redes Energéticas Nacionais (REN).
“It is an opportunity to have knowledge, technology, and cooperation between companies and universities, via a large international company that is focusing on Portugal,” said the Portuguese Minister of State, and Foreign Affairs, Paulo Portas after signing the memorandum.
The agreement was signed at State Grid headquarters in Beijing by the chairmen of REN and State Grid International, Rui Cartaxo and Zhu Guangchao, respectively.
State Grid, which employees around 1.5 million people and is considered to be one of the ten largest companies in the world, this year acquired 25 percent of REN from the Portuguese State for 287 million euros.
Another memorandum of understanding signed by the chairmen of State Grid International and REN was related to setting up co-owned consulting companies in Brazil.
Minister Paulo Portas Saturday in Shanghai began an eight-day visit to China, which is the first by a minister of the current Portuguese government, accompanied by over 50 business owners.
The visit to China is due to end on 8 July, in Macau. (macauhub)