Japan’s Mitsui & Co. and China’s Golden Concord Group have entered into a memorandum of understanding to cooperate on electric vehicles (EV), liquefied natural gas (LNG) and energy conservation business.

This agreement follows the establishment of a joint venture for new-generation energy and infrastructure related business with GCL Group in June 2018, Mitsui said in a statement.

Under the agreement, Mitsui and GCL Group will consider the utilization of AI in the energy conservation field, collaboration on LNG initiatives centering on import terminals on China’s coastal regions, and EV related projects in Ordos City, a subdivision of Inner Mongolia, China.

Mitsui is aiming to accelerate initiatives relating to the diversification of power sources in the field of next-generation power, energy management services, and renewable energy.