Energy: Oil giant eyes renewable energy

(Shanghai Daily)
Updated: 2007-04-23 16:29

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.

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