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Chinese leading company in hydropower construction successfully goes global
Updated: 2010-01-15
CGGC, the leading company in Chinese hydropower construction sector, has succeeded in restructuring and the "going global" strategy.
Bravely countering the adverse impact of the global financial crisis, the company has signed in 2009 new contracts on international projects worth 15.27 billion yuan ($2.52 billion), representing a year-on-year increase of 34 percent.
CGGC's new contracts in 2009 totaled 42.136 billion yuan ($6.94 billion), 140.5 percent of the planned target for the year and 37.9 percent higher than that in 2008. Among them, international projects feature wide coverage and large quantity and involve a large sum of money. They extend to housing, municipal engineering, hydropower station, power transformation and transmission, navigation, irrigation and various other fields.
A CGGC official said, CGGC is among the first Chinese enterprises involving in international projects. In the past 3 years, the company saw the annual growth rate of international sales over 45 percent; its position in the world's top 225 contractors increased from 154th to above 100th; it accelerated its pace to the global market, by setting up 30 branches in the Southeast Asia, the South Asia, the Middle East, Africa and other places; it has constantly broadened its international business, expanding from traditional competitive projects to such high-end projects as EPC and exporting buyer's credit.
In 2009, under a complex circumstance due to the impact of the world financial crisis, CGGC imposed all-around management and control on every international project, to ensure the sound performance of the contract, smooth construction and high quality. Its efforts were highly praised by the client and the host government.
CGGC, famous for its successful construction of the Gezhouba Dam which is the first dam in the grand Yangtze River, has undertaken 65 percent of the Three Gorges Project, the world largest pivotal water conservancy project. At present, the company focuses its main business on construction, investment and real estate, or more detailed, contracted construction, concrete, blasting for civil use, expressway, real estate and financial investment. About 54 percent of the value of new contracts signed in 2009 is about projects other than hydropower construction.
