- New trading office to reinforce trading and grow customer base
- German Chamber of Commerce in China: “Good sign for the long-lasting and profound collaboration between Germany and China”
ESSEN, 16-Aug-2018 — /EuropaWire/ — Opening up to new countries and new possibilities: RWE Supply & Trading opens its first Chinese trading office in Beijing. In this office, the company will trade coal and other commodities, strives to improve relations with its Chinese trading partners and closely follows developments in Chinese energy and commodity related markets.
RWE Supply & Trading has already been running a representative office in Beijing since 2016 that is working as a platform to extend the trading network and deepen the alliances with trading partners. “As we believe in the potential of the Chinese markets, we are taking the next logical step by setting up a ‘Wholly Foreign Owned Enterprise’”, says Peter Krembel, Board Member of RWE Supply & Trading. “We would like to move deeper into China, grow our customer base and import coal ourselves.”
This is possible because a WFOE allows RWE Supply & Trading to have access to the whole Chinese market: The company can now import coal itself and pay with Renminbi, the Chinese currency. A major step: For the last five years in which RWE was involved in trading with Chinese partners, transactions were only possible outside China in dollars.
“This is a good sign for the long-lasting and profound economic collaboration between Germany and China”, states Jana Kumpf, Executive Manager at the German Chamber of Commerce in China. “We are very happy that RWE Supply & Trading is contributing to the countries’ deepening economic relations. China is one of the fastest-growing energy markets worldwide.”
The team of the new trading office in Beijing will start with eight employees and aims to grow in the near future. Business via the WFOE is expected from the fourth quarter of 2018 onwards. “The foundation of this company is coal trading but it is not limited to it. We also consider other commodities like coke, iron ore and metals”, says Peter Krembel.