PetroChina eyes wind and solar after US$38b pipe bounty

The Business Times | Jul 28, 2020 at 2:00 AM
  • China’s biggest oil company plans to use some of the USUS$38 billion it will receive for selling its pipelines to start new businesses focusing on wind and solar power.
  • The move underscores how growing concern about climate change and plummeting costs of renewable energy are reshaping the future for global oil and gas giants.
  • PetroChina will receive 268.7 billion yuan in cash and equity for handing over its midstream assets as part of the formation of a new national pipeline giant known as PipeChina, the company announced Thursday.