China National Offshore Oil Corp said it will expand its major businesses to
include renewable energy and infrastructure construction within 10 years.
"We want to develop wind power, biofuels and energy infrastructure
construction within the next five to 10 years as our major businesses beyond oil
and gas," Fu Chengyu, president of the Beijing-based company, said at the annual Boao Forum in Hainan Province yesterday.
China National Offshore, parent of Hong
Kong-listed CNOOC Ltd, is expanding to tap the nation's rising demand for
energy and infrastructure. China, the world's second-biggest greenhouse gas
emitter, plans to spend 1.5 trillion yuan (US$194 billion) by 2020 to expand the
use of renewable energy sources such as solar, wind and biomass.
(For more biz stories, please visit Industry Updates)