Siemens and General Electric (GE) are competing for a 25 percent 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 percent 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 million yuan for a 30 percent of stake, respectively in Shenyang Blast-blower, according to the newspaper.

GE and Siemens 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 percent of the market share in the domestic petrochemical sector, according to the newspaper.