China's Sinopec has established an investment company with an authorized capital of 10 billion yuan ($1.48 billion) in the economic zone "Xiong'an". This is stated in the statement of the state Corporation.
The new company was named Sinopec Capital Co Ltd. and became the first state enterprise in this economic zone.
It will finance projects in such strategic areas as new energy sources, new materials, environmentally friendly resources, artificial intelligence.
In addition to direct investment, Sinopec Capital will create special-purpose investment funds, including an investment Fund in the scientific and technical sphere and a financing Fund for new industries, RIA Novosti reports.
Chinese authorities in April 2017 announced the creation of a new economic zone "Xiong'an" in Hebei province, which is located 100 km from Beijing.
China Petroleum and Chemical Corporation (Sinopec) is China's largest integrated energy and chemical company. Business Of Sinopec Corp. it includes oil and gas exploration, oil refining, petrochemistry, production of mineral fertilizers, transportation of oil and gas. Sinopec's net profit for the first quarter of 2018 increased by 12.3% in annual terms and amounted to 19,306 billion yuan ($3.06 billion).