Rusatom Automated Control Systems (RASU) and Chinese Sieyuan Electric company inked a memorandum of understanding for the implementation of joint projects covering the manufacture and supply of electrical equipment, at the tenth Anniversary of the International Forum Atomexpo 2018 in Sochi, Russia on Monday.
The three-year agreement targets the key aspects and targets of the companies focusing on high reliability, cost-efficiency and competitiveness of electrical equipment.
The deal will also ensure that additional agreements will be prepared later when the breakdown of financial and legal liabilities will be detailed.
According to deal, a roadmap determining the exact list of potential projects will be prepared by June 30. The same deadline is set for the identification of the process and the legal aspects, the selection of localization sites, development of marketing, and promotion programs for localized equipment both in Russia and China, as well as in third countries.
Both companies plan to hold regular workshops to discuss technical, certification and marketing issues.
Chief Executive Officer of RASU Andrey Butko and the General Director for Overseas Marketing of Sieyuan Electric Zhang Zhiyong signed the document.
'The memorandum is aimed at long-term productive cooperation. The document is the perfect way to demonstrate our commitment to strong business relations between our companies,' Butko said.
'Both companies are looking for strategic long-term partnership, and the signed Memorandum is the first milestone on the way to our mutually beneficial cooperation,' said Zhiyong.
By Huseyin Erdogan in Sochi, Russia