On April 18, Wang Shoujun, chairman of China National Nuclear Corporation (CNNC) and Russian Presidential Advisor Sergey Yurievich Glazyev met in Beijing to discuss CNNC and Russia Investment Fund in the nuclear power market, the development of joint projects, the prospection in third-party market development. This meeting follows the “Joint Statement of the Heads of Government of China and Russia on Deepening the Strategic Cooperation in the Peaceful Use of Nuclear Energy” and the “Belt and Road Initiative”.
Other entities participate to the meeting, including the Planning and Development Department of CNNC, The Ministry of Finance, the International Cooperation Department, and China Nuclear Industry Funds.
For reference, last August, the Russia-China Regional Development Investment Fund Parent Company (RDIF) and Rusatom Overseas (Rosatom State Atomic Energy Corporation subsidiary) signed the Memorandum of Understanding. The MOU aimed at the development and financial support of joint nuclear activities, in particular, the partnership in construction of Russian-design NPPs in third countries, production and processing of mineral raw materials for Russian nuclear industry, and other innovative developments.
Note: The Russia-China Investment Fund (RCIF) is a private equity fund that aims to generate competitive returns by investing in projects that advance bilateral economic cooperation between Russia and China.
The Fund was established in June 2012 by two government-backed investment vehicles – the Russian Direct Investment Fund and China Investment Corporation (CIC). The fund received $2 billion in commitments from RDIF and CIC in equal share, with up to an additional $2 billion expected to be raised from international institutional investors.
RCIF focuses on projects that foster economic cooperation between the two nations and will invest at least 70% of its capital in Russia and CIS countries and up to 30% in China. The Fund’s management team consists of top investment professionals with deep knowledge of the Russian and Chinese markets.
