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PetroChina sets up $1.5bn clean-energy investment fund

Xi's carbon neutrality target pushes oil majors to take real actions

PetroChina says the goal of the new CNPC Kunlun Capital investment company is to incubate and develop "new technologies and new business scenarios."   © Reuters

HONG KONG -- PetroChina, China's largest oil group by assets, will establish an investment fund with its parent to help fuel growth in new sources of energy, a response to President Xi Jinping's goal to achieve carbon neutrality by 2060.

PetroChina said after trading hours on Thursday that it is planning to establish an investment company with its parent, China National Petroleum Corp. (CNPC), and its Shenzhen-listed subsidiary CNPC Capital.

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