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Chinese Sinopec Group pushes renewable energy strategy

Chinese Sinopec Group pushes renewable energy strategy Operation Center for Sinopec Green Energy Geothermal Co, China (source: Orka Energy)
Francisco Rojas 19 Jan 2015

China's Sinopec Group is taking advantage of the current oil price fall and announces that it will increase its efforts on renewable energy and research.

Asia’s largest oil refiner is getting more interested in renewable energy, due to the current plummet of oil prices. According to news from Bloomberg, the firm relies primarily on oil and its transformation and wants to diversify and expand in other energy areas.

In order to do so, the 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.” according to the aforementioned source.

It is definitely a good strategy to diversify and look into other forms of energy production. Sinopec is already active in geothermal through Sinopec Green Energy Geothermal Development Co.  The company has been developing geothermal district heating projects and now operates geothermal district heating schemes in several Chinese provinces.

Sinopec is also said to have interest in the investment in geothermal power projects.

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Source: Bloomberg