30 Aug 2024
PetroChina said that acquiring an electricity producer will accelerate its transition to clean energy and support its goal of becoming a fully integrated energy company. This move will expand its portfolio to include electricity, thermal energy, and hydrogen alongside its core oil and gas operations.
On Monday, the state-owned company further said that it plans to transfer 5.979 billion yuan ($839 million) to its parent, China National Petroleum Corporation (CNPC), in order to acquire full ownership of CNPC Electric Energy. This subsidiary is involved in power generation, supply and sales, heat supply, as well as the design and construction of power projects.
"Recent acquisitions are designed to advance PetroChina’s goals in energy transition and sustainable development, as well as boost the competitiveness of our new energy sector. Our wind and solar power divisions are experiencing rapid growth," Huang Yongzhang, Chairman and Executive Director of PetroChina, stated in Hong Kong recently.
According to Huang, PetroChina intends to create a platform for purchasing and selling power by collaborating with its current renewable energy production and consumption businesses
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