China creates $3.2-bln offshore technology entity

China has inaugurated a USD 3.2-billion joint venture consisting of 10 offshore engineering companies, the government announced on Friday.

China Offshore Engineering Technology Company will lead the country’s R&D efforts in offshore technology and engineering.

The newly formed entity will be led by China State Shipbuilding Corporation with a 19% share through investments of USD 596 million. The remaining shares are split between the nine other companies with equal investments of USD 282 million and 9% shares.

The remaining companies include CIMC Offshore Engineering, China National Petroleum Corporation, China Petrochemical Corporation, China National Offshore Oil Corporation, China COSCO Shipping Corporation, China Merchants Group, China Communications Construction Corporation, CRRC Corporation and Shanghai State-owned Capital Investment.