By Dominic Chopping

Equinor ASA (EQNR) on Wednesday signed a Memorandum of Understanding with China Power International Holding to cooperate on offshore wind in China and Europe.

Further details of the deal weren't disclosed, but the Norwegian oil and gas major said that China is set to become the world's biggest offshore wind market by 2030 and added there is potential to expand the collaboration between the two companies.

China Power International Holding President Jun Tian said in a statement that the MoU allows both companies to move into new markets in renewables and develop a long-term strategic partnership.

"We look forward to deepen this partnership and develop a sustainable energy business together with our partner in both domestic and overseas markets," he said.

China Power International Holding develops and operates power projects within traditional and renewable energy. It is a subsidiary of state-owned State Power Investment Corporation.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 25, 2019 04:13 ET (08:13 GMT)

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