Rosseti could discuss cooperation with State Grid Corporation of China in autumn

MOSCOW. May 24 (Interfax) - PJSC Rosseti expects to meet with the State Grid Corporation of China (SGCC) in the autumn and discuss joint projects, Andrei Ryumin, the head of the Russian company, who recently visited China, told reporters.

"Just yesterday we were discussing that we should now restore those very areas of cooperation [which we had before Covid]. Now we've had initial meetings, and we've planned a meeting directly with our Chinese counterparties. I think that this will be in the autumn, and we will discuss this issue with them," Ryumin said. He confirmed that it was SGCC of China.

Asked whether the creation of a joint venture with a Chinese company would be discussed, he said that "all matters" would be discussed.

"There is a long list," he said. "This could be the construction of additional lines for cross-flows, a joint venture. Technological cooperation [perhaps also], we went and looked at the direct current line. Maybe we will interact with the SGCC of China there on direct current. There are a lot of options for collaboration," he said.

Rosseti and SGCC signed a shareholders agreement to set up a joint venture in 2016. Joint projects would get annual funding of up to $1 billion. Projects concerning distribution and transmission networks will be financed both by the JV shareholders and with funding from Chinese and other foreign financial institutions. It was expected that the joint venture would be 51% owned by Rosseti and 49% by the SGCC.