Sinopec to pursue investments in emerging industries
Capital investment platform in Xiongan New Area will allow oil giant to invest in new energy and materials, environmental protection and smart manufacturing
Chinese oil and gas giant Sinopec has set up a capital investment operation platform in the Xiongan New Area in Hebei province, Yicai.com reported.
The latter will allow Sinopec to park its money in strategic emerging industries such as new energy, new materials, energy conservation and environmental protection, as well as smart manufacturing, utilizing a registered capital of 10 billion yuan (US$1.48 billion).
A spokesman from Sinopec told Yicai.com that the next step for the company, in addition to direct investment, will be the launching of market-oriented funds, including technology innovation funds and emerging industry funds.
Sinopec is currently the second largest oil and gas producer in China, the world’s largest refining company and the second largest chemical company. Its total number of gas stations ranks second in the world.