BEIJING (XFN-ASIA) - Siemens and General Electric (GE) are competing for a 25 pct stake in Shenyang Blast-blower (Group) Co Ltd, the Economic Observer reported.
On the pre-condition that they transfer core technology to Shenyang Blast-blower, the Chinese firm said it will offer a 25 pct equity stake to either of the two, the newspaper reported.
On June 9, China National Petroleum Corp and Sinopec agreed that they will each pay 540 mln yuan for a 30 pct of stake, respectively in Shenyang Blast-blower, according to the newspaper.
GE and Siemens (nyse: SI - news - people ) both have signed contracts of intent with Shenyang Blast-blower on transferring compressor technology to the latter, the newspaper said.
Shenyang Blast-blower's staple products - compressors and industrial blast blowers - take up more than 80 pct of the market share in the domestic petrochemical sector, according to the newspaper.
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