With the U.S. elections around…
Russia sees a production freeze…
As if any proof is need of rising Chinese economic power in Europe, Chinese companies are now bidding for power plant contracts in Poland.
During the Cold War and the Sino-Soviet dispute, the People’s Republic of China’s sole European ally was Albania.
On 25 July China National Electric Engineering Co. (CNEEC) submitted an offer to build a generator in Jaworzno and earlier participated in a tender organized by the Poznan-based company Enea for the construction of a coal-fired power station in Kozienice, with each of the investments worth $1.42 billion, Warsaw’s Rzeczpospolita newspaper reported.
CNEEC is one of five companies competing for the Jaworzno contract, which involves constructing a coal-fired generator with a capacity of 1,000 megawatts, to be completed by 2016.
Director Marek Frydrych from Sunningwell International, which represents the interests of Chinese energy companies in Poland, stated that Chinese banks are capable of financing up to 85 percent of a project's costs, adding, "EximBank of China does indeed support Chinese exporters, including the services sector, by providing long-term loans - even up to 30 years - for foreign investments."
The Chinese have also discussed the possibility of financing investments with the representatives of Energa, which is preparing to build a power plant in Ostroleka, and with Kulczyk Investments, which is planning to erect a plant in Pelplin. Each of these investments will have a capacity of 1,000 megawatts.
By. Joao Peixe, Deputy Editor OilPrice.com
Joao is a writer for Oilprice.com