Visit of Xiong Weiping to Malta and Montenegro Projects

From June 1 to 7, 2017, an investigating panel from the Board of Supervisors of the State-Owned Assets Supervision and Administration Commission (SASAC), led by the Board Chairman of Xiong Weiping, visited SEP's projects in Malta and Montenegro for a special study on overseas assets and work safety, in the company of Wang Yihua, the Chief Accountant of State Power Investment Corporation (SPIC), and Wang Yundan, the Chairman of Shanghai Electric Power Co., Ltd. (SEP).

Mr. Xiong paid a visit to China's Ambassador to Malta, Jiang Jiang, and investigated SEPM, Malta Power Grid Company, D3 Power Generation Limited, and the wind power project in Montenegro. He arrived at SEPM to make special study on its international operation on the morning of June 2, during which Mr. Wang Yundan made a report on SEP's overseas development strategies, achievements realized, and packaged investment projects in Malta. Later the CEO of SEPM Sheng Baojie introduced the projects in Malta with respect to international operation, management ideas, risk control, work safety, decision-making procedures, and overseas public relationships, and shared the experiences they obtained over the past two years. Finally the Chief Finance Officer of SEP, Chen Wenhan, briefed the implementation of rectifications required by the Board of Supervisors of SASAC for SEP and SEPM last year.

Mr. Xiong listened carefully and appreciated highly the strategic deployment of SEP in overseas development. He stated that the supports from SCIP and SEP were indispensable for the initial success of SEPM in international development over the two years. Despite of low investment and small scale, the projects of SEPM had great influence and huge potential, which had not only drawn extensive attention in SCIP, but also won high appreciation by external partners and consumers. These projects have reduced the line loss of Malta power grid, increased the grid stability, and improved the awareness of SEP in Montenegro and Serbia. Mr. Xiong said that SEP had obtained rich experience in overseas projects and established successful management mode and proper personnel development system in a few years, all of which were worthy of learning and reference in SCIP's “Go Abroad” strategy. These projects have brought much more significant influence than expected and the experience was worth sharing and learning. He suggested SEP take SEPM as a core and establish a “snowball” development mode to tap into the European market and then extend to the North African market. He hoped both Chinese and Malta partners to give full play to their strengths to educate, absorb, and retain talents and build a talent development plan featuring “Internationalization of management personnel, and localization of ordinary employees” by means of promotion, sense of belonging, and attractive remuneration system.

Finally in the concluding remarks, the Chief Accountant of SCIP Wang Yihua expressed thanks to Mr. Xiong for his appreciation of SEPM projects and his expectations and instructions on overseas development of SCIP. He believed that SEPM's strategic deployment, preliminarily established overseas talent team, and project experience can be copied and used for reference. He hoped SEPM could maximize the localization advantage, cultivate more international talents, and improve the management and control systems to maintain sustainable development.

In the afternoon Mr. Xiong visited the Dispatch Center of Malta Power Grid, during which he was told that in addition to capital investment, SEP had also introduced advanced management ideas, technologies and experience to Malta Power Grid to increase its management efficiency. Later the investigating panel visited D3 Power Generation Limited for safety inspection. After listening to the detailed report on the EPC oil-to-gas conversion project of D3, Mr. Xiong made a site visit to the project. He acknowledged the contribution of SEP in energy structure adjustment and clean energy delivery in Malta.

On June 6, Mr. Xiong paid a site visit to the wind power project in Montenegro.

During the visit, the investigating panel, accompanied by Mr. Wei and Mr. Wang Yundan, visited China's Ambassador to Malta, Jiang Jiang, and the Counsellor of Economic & Commercial Office, Qiu Guangling. The panel extended thanks for their support and assistance for SEPM. Then they discussed the possible economic, political, and cultural projects between China and Malta.

All members of the investigating panel from SASAC, Yuan Xiangdong, Vice General Manager of Strategic Planning Department of SPIC, Liuwei, Vice General Manager of Policy Study and Intellectual Property Department of SPIC, Chen Yuanyuan, Deputy Director of International Department of SEP, and Sheng Baojie, CEO of SEPM, participated in the activities above.