Rolls-Royce signs deal with another Chinese nuclear reactor vendor

18th Jun 2014 13:55

Power systems giant Rolls-Royce has signed a memorandum of understanding (MoU) with Chinese nuclear reactor vendor, CGN. Under the MoU, the companies will examine potential areas for collaboration between the two across a number of markets and areas, including engineering support, supply chain management and instrumentation and control technology. Jason Smith, Rolls-Royce's President of Nuclear, said: "China represents one of the world's largest civil nuclear markets in which Rolls-Royce has been supplying safety-critical technology and solutions for 20 years."I am delighted that we have built a partnership with CGN based on mutual trust. I look forward to exploring how we can broaden our work together in our domestic and international markets."Energy and Business Minister Michael Fallon said the deal would bring a real boost to the UK economy. "Closer cooperation between the UK and China could be worth hundreds of millions of pounds to British businesses," he explained. "We are making the most of Britain's low carbon energy to maximise jobs and business opportunities, get the best deal for customers and reduce our reliance on expensive foreign oil and gas imports."The announcement comes after the group yesterday unveiled a similar deal with another Chinese nuclear reactor vendor, SNPTC. Shares in the group had risen 0.4% to 1,015p by 14:14.NR