Tie-up for power projects
Print Edition
ITOCHU Corp, Japan’s third largest trading house, is teaming up with CITIC Group, China’s biggest conglomerate, to develop oil and gas projects as it adopts a new strategy to invest in resources in China.
Itochu and CITIC Resources Holdings, a subsidiary of CITIC, signed the memorandum of collaboration in early June to consider acquiring stakes in relatively low-risk projects, the Japanese company said in its announcement yesterday. Each company will invest tens of billions of yen in those projects, Japan’s Nikkei newspaper said.
The tieup with CITIC Group comes after Itochu formed an alliance last year with Thai conglomerate Charoen Pokphand Group.
Itochu and CP group injected a total of 1.2 trillion yen (US$11.5 billion) for a combined 20 percent stake in CITIC as they planned to tap China’s huge consumer market. The deal was one of the largest foreign investments for Itochu since its formation and one of the biggest among Japanese investors in China.
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