Chinese businessmen eye RP’s energy sector

Chinese businessmen are prepared to invest up to $19 million (approximately P950 million) in the country’s energy sector, members of a visiting Chinese trade mission said yesterday.

In a meeting with the National Power Corp. (Napocor), the Chinese trade mission, headed by Vice Minister Chen Xiahun of the Ministry of Foreign Trade and Economy expressed interest in hydropower projects in the country especially in Northern Luzon.

"We would also be interested in establishing small heat power stations and mini-hydro projects," Chen said through an interpreter.

The mission is scheduled to visit industrial parks and economic zones in Clark, Subic Bay, Central Luzon, North Luzon and Cagayan.

The Chinese businessmen said they are willing to undertake a study on the feasibility of joint ventures between Philippine and Chinese companies in both the private and government sector.

Napocor president Federico E. Puno told newsmen that they are interested in China’s expertise in developing hydropower and hydro-drive power plants. "They are particularly good at starting hydropower in harsh or difficult geographical settings," Puno added.

Napocor is scheduled to privatize its hydropower projects in Mindanao and the entry of the Chinese energy-related mission could speed up the process.