PetroChina to invest CNY300 million in biofuels

Chinese oil giant PetroChina is reportedly planning to invest CNY300 million (US$39 million) to develop biofuel production, of which CNY200 million (US$26 million) will be used to fund biofuels and forestry initiatives in the Chinese provinces of Sichuan, Yunnan and Hebei, Chinese publication The Standard has reported. Citing Jia Zhibang, head of China’s State Forestry Administration, The Standard also reported that PetroChina is planning to establish an investment fund with the forestry administration, which will be called the China Green Carbon Foundation. The report also cited Zhibang as saying that PetroChina’s initiative falls within China’s ambitious biofuels plans, which involve planting 13.3 million hectares of forests by 2020 to fuel biomass plants with a capacity of 11,000 MW. (July 19, 2007)