Sinopec Turns to New Energy, Materials for Growth as Oil Slumps
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China Petrochemical Corp., Asia’s biggest refiner, will invest over the next decade in clean energy, environmental protection and new materials, as it seeks to reduce its dependence on oil production and processing.
The company, known as Sinopec Group, is looking at making technological breakthroughs in these areas over five to ten years, and will create industrial parks, an investment fund and a research institute to accelerate innovation, according to comments on its website from Chairman Fu Chengyu. Fu didn’t provide financial details on the push into new businesses.