Chinese state-owned oil and gas giant Sinopec Group has launched a 5 billion yuan (US$730 million) fund targeting emerging industries like new materials, clean energy, energy conservation, high-end intelligent manufacturing, artificial intelligence and big data.
The fund, initiated by investment arm Sinopec Capital, aims to facilitate green development and diversify Sinopec’s future away from fossil fuels. A major partner of the fund is the government-backed National Manufacturing Transformation and Upgrading Fund, which also focuses investment on new materials, new-generation information technology, electric equipment and other areas in China. Other partners include the Tianjin Haihe River Industry Fund and Foshan City Nanhai Financial Hi-Tech Zone Investment Holding.
Sinopec Capital is a 10 billion yuan (US$1.46 billion) fund created by Sinopec Group in July 2018 in China’s new economic zone of Xiongan to invest in new energy, green products, and AI. The fund will help Sinopec Group “realise transformation and upgrading, as well as generate new growth force for its sustainable development,” said the company in a statement.