Energy Insider: Chinese SOE Profits Up 170% in First Five Months; Baowu and Vale Launch Indonesia Nickel Project

In today’s Caixin energy news wrap: China Baowu and Brazil’s Vale to launch Indonesia nickel project; Chinese SOE profits up 170% in first five months; Tibet’s hydropower capacity may exceed 15 million kilowatts by 2025; Henan signs hydrogen energy agreement with U.K. company

China Baowu and Brazil’s Vale to launch Indonesia nickel project

China Baowu Steel Group Corp. (600019.SH) signed a project cooperation framework agreement Thursday for construction and operation of the Indonesia Bahodopi FeNi project. Baowu, PT Vale Indonesia (PTVI), and Shandong Xinhai Technology Co. Ltd. will jointly construct and operate the FeNi project in Morowali, which lies on the Indonesian island of Sulawesi. According to the agreement, China Baowu and Xinhai will first establish a domestic joint venture, which will then establish a joint venture with PTVI. PTVI will hold 49% of the joint venture. The project is expected to produce 73,000 tons of nickel a year. Smelting will be powered with electricity from natural gas-fired power stations, which will cut carbon emissions by 60%.