Business
PetroChina Invests $839M in Parent Company’s Electric Unit to Accelerate Shift to Green Energy
PetroChina will spend $839 million to acquire its parent company's electric division in an effort to transition to green energy. On Monday, PetroChina announced that it would shell out 5.979 billion yuan to fully own CNPC Electric Energy, a subsidiary of its parent company, China National Petroleum Corporation (CNPC).
The government-run firm announced on Monday its plan to purchase 100% of CNPC Electric Energy from its parent company, China National Petroleum Corporation (CNPC), for a price of 5.979 billion yuan (US$839 million). CNPC Electric Energy is involved in electricity generation, distribution, and sales, as well as heat supply and the planning and construction of power projects.
"The goal of this acquisition is to further PetroChina's efforts in energy transition and sustainable development, and to boost the competitiveness of our emerging energy sector," said PetroChina's president and executive director, Huang Yongzhang, in Hong Kong on Wednesday. "PetroChina's wind and solar power sectors are experiencing swift growth."
Huang stated that PetroChina intends to create a marketplace for the trade of electricity, which will be integrated with its current operations in the generation and usage of renewable energy.
Discover more from Automobilnews News - The first AI News Portal world wide
Subscribe to get the latest posts sent to your email.