Sinopec created an investment company for investments in emerging industries

Chinese oil and gas giant Sinopec has created a platform for investment in the new district of Xionguan in Hebei province, Asia Times reports. The creation of an investment company will enable Sinopec to invest in emerging industries such as new energy sources, energy saving, new materials, environmental protection and “smart production”. The authorized capital of the new investment division of Sinopec Capital was 10 billion yuan. A spokesman for Sinopec said the company also plans to launch market funds, including funds for technology innovation and emerging industries.

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