PetroChina pays US$839 million to buy parent’s electric unit to shift towards green energy
PetroChina said on Monday that it would pay 5.979 billion yuan to buy 100 per cent of CNPC Electric Energy from its parent China National Petroleum Corporation (CNPC)
The state-owned company said on Monday that it would pay 5.979 billion yuan (US$839 million) to its parent China National Petroleum Corporation (CNPC) to buy 100 per cent of CNPC Electric Energy, which is engaged in power generation, supply and sales, heat supply, and the design and construction of power projects.
“This acquisition is aimed at pressing ahead with PetroChina’s endeavours in energy transition and green development, and to enhance the competitiveness of our new energy business,” PetroChina’s president and executive director Huang Yongzhang said in Hong Kong on Wednesday. “Petrochina’s wind power and solar power business segments are developing rapidly.”
PetroChina plans to establish a platform for buying and selling power by coordinating with its existing businesses in the production and consumption of renewable energy, Huang said.
China’s largest oil and gas producer sold less of the output from its refineries, with the sales volume of gasoline, kerosene and diesel dropping by 2 per cent to 79.05 million tonnes in the first six months of the year. The company’s interim net profit rose 3.9 per cent to 88.61 billion yuan, on the back of a 5-per cent increase in revenue to 1.55 trillion yuan.
