BEIJING (Reuters) -China National Petroleum Corp (CNPC) inaugurated its power unit, China Petroleum Electric Energy Co Ltd, in Beijing on Monday, the state-owned oil giant said in a statement.
The company is expected to serve as a hub for the group’s new energy business, a vehicle for its market-oriented power transition and a platform to optimise power production, supply and sales, CNPC Chairman Houliang Dai said.
Dai said the company should actively adapt to the rapid expansion of renewable power grid integration, faster power market reform and rising demand for green electricity.
The unit was established in 2017 with registered capital of 5 billion yuan ($703.1 million) and is wholly funded by CNPC’s Daqing Oilfield Co Ltd.
($1 = 7.1113 Chinese yuan renminbi)
(Reporting by Sam Li and Lewis Jackson; Editing by Mrigank Dhaniwala)
