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Energy

Chinese oil majors talk up carbon shift while counting profits

Companies pledge billions of dollars to meet nation's green targets

Sinopec, China's biggest oil refiner, has revealed plans to invest 30 billion yuan during the five-year plan to 2025 on new energy development, with the main focus on hydrogen.   © AP
KENJI KAWASE, Nikkei Asia chief business news correspondent | China

HONG KONG -- Chinese oil majors have unveiled plans to invest billions of dollars in clean energy through to 2025 to comply with President Xi Jinping's carbon neutrality targets even as oil demand drove their profit recovery in the first half.

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