July 19, 2018 / 4:27 AM / 8 months ago

Sinopec launches $1.5 billion investment company in China's new economic zone

BEIJING (Reuters) - Sinopec Group has launched a 10 billion yuan ($1.48 billion)investment firm in China’s new economic zone of Xiongan to fund new energy, green products and artificial intelligence, the company said on Thursday.

The new investment arm, Sinopec Capital Co Ltd, is one of the first state-run entities to be based in Xiongan, Sinopec said.

The Xiongan New Area in Hebei province was launched in April 2017 by President Xi Jinping and is part of a state-driven campaign to integrate the economy of the Beijing-Tianjin-Hebei region and ease congestion and pollution pressures in the Chinese capital.

Apart from direct investment, Sinopec Capital will also set up funds to focus on technology and new industries investment, the state group said in a statement posted on its website.

The parent company of Sinopec Corp, Sinopec Group is already operating thermal power business in Xiongan.

Reporting by Chen Aizhu; Editing by Christian Schmollinger

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