Siemens in US$316m pact

German industrial giant Siemens has signed contracts worth US$316 million with Chinese partners to supply equipment and form a joint venture.

The China Daily reported Siemens would supply two 350,000 KW coal-fired generators worth $271 million for phase two of Huaneng Fuzhou Power plant, in Fujian.

The contract, signed with Mitsui Babcock UK and China's Huaneng Power International, will be financed by international loans, 85 per cent of which will be British, German and United States export credits.