On 22^nd September 2021, the signing and ground breaking ceremony of Dalian Taiping Bay Cooperation and Innovation Zone was held in Taiping Bay Port Area. At the ceremony, China Merchants Group (“CMG”) signed the Development and Industrial Build-up Strategic Agreement for the Development and Construction of Taiping Bay with Liaoning Province and Dalian City.

The first eighteen month bareboat charter contracts for Gulf Driller VI and Gulf Driller VIII to Constructora y Perforadora Latina, S.A. de C.V. ("CP Latina") were successfully completed in May 2021.

Senior Provincial and City Government Officials, and CMG Senior Management attended the groundbreaking ceremony.  They include: Zhang Guoqing, Secretary of Liaoning Provincial Party Committee and Director of the Standing Committee of the Provincial People's Congress, Liu Ning, Deputy Secretary of Liaoning Provincial Party Committee and Governor, Yuan Ye, Deputy Director of SASAC, Miao Jianmin, Chairman of China Merchants Group, and Hu Jianhua, General Manager of China Merchants Group.

The ceremony was hosted by Hu Yuting, member of the Standing Committee of the Liaoning Provincial Party Committee and Secretary of the Dalian Municipal Party Committee. Wang Jian, member of the Standing Committee of the Liaoning Provincial Party Committee and Secretary General, Chen Shaowang, Deputy Secretary of the Dalian Municipal Party Committee and Mayor, and Li Baian, Vice General Manager of

China Merchants Group, attended the relevant activities.

Mr. Jiang Binghua, Co-Founder and Co-Chairman of CMIC, who was present at the signing ceremony, signed a strategic cooperation agreement with China Merchants Taiping Bay Development and Investment Co. Ltd. ("China Merchants Taiping Bay") on hydrogen energy industrial development. China Merchants Taiping Bay is a development company and investment and construction platform wholly owned by China Merchants Group, is responsible for the development and construction of 260 square kilometres of land in Taiping Bay, Dalian, Liaoning Province. CMIC embarkation on renewables and hydrogen development plan follows closely to China’s aim to reach peak carbon emissions before 2030 and carbon neutrality by 2060, and fully implement the strategic masterplan of China Merchants Group.

This strategic cooperation agreement marks a significant pivotal starting point for the two parties to jointly develop, nurture and grow the renewables and hydrogen industry in Taiping Bay Cooperation and Innovation Zone in Dalian, Liaoning Province.

The two parties will cooperate closely through industrial integration, tapping on mutual strengths, resources and network – to pursue and attract hydrogen technology development projects and eventually create a sustainable hydrogen industrial value chain to produce, store and distribute hydrogen at industrial scale.  This is also a major piece of CMIC strategic transformation plan to pivot towards renewables sector, and accelerate push towards renewables e.g. Offshore Wind, Wave, and Hydrogen development and fulfil 3060 decarbonisation goals. 

The opening ceremony was reported in detail by various China news media, the official website of Liaoning Provincial Government, the official website of Dalian Municipal Government and the official website of China Merchants Group.