Energy Insider: CNPC Sets New Investment Arm for Low-Carbon Initiatives; China’s Largest Oil Refining Complex Makes Progress

In today’s Caixin energy news wrap: China increases refined oil price for the ninth time this year; the giant Baihetan hydropower plant starts generation; and state oil giant CNPC forms new investment arm targeting new-energy projects

CNPC creates new venture in low-carbon drive

Chinese state-owned oil and gas producer CNPC set up a new company to focus on investments in new-energy related businesses. The venture, CNPC Kunlun Capital, is jointly held by CNPC, its listed arm PetroChina and investment unit CNPC Capital Co. With registered capital of 10 billion yuan ($1.55 billion), the new venture will take in equity positions in businesses including new energy, new materials, energy saving, advanced manufacturing and carbon capture, utilization and storage.