(Yicai Global) March 21 -- China National Petroleum Corporation, China’s largest oil and gas supplier, has unveiled its first new energy joint research and development hub.

The R&D center was co-established by CNPC unit Daqing Oilfield and Shenzhen New Energy Research Institute, a subsidiary of CNPC’s listed arm PetroChina, the state-owned energy giant announced yesterday.

The new center aims to speed up the scientific research and commercialization of achievements made by Daqing Oilfield and the Shenzhen-based research institute in the fields of hydrogen energy, geothermal energy, and energy storage, according to the parent company.

CNPC has successively begun its energy transformation by accelerating the firm’s positioning in the new energy business. Its investment in the sector totaled CNY2.2 billion (USD317 million) in 2021, making huge progress in hydrogen and geothermal energy, according to researchers at Minsheng Securities.

CNPC put into operation 39 new energy projects in 2021, with its annual new energy development and utilization capacity of standard coal jumping 50 percent to 7 million tonnes, Minsheng Securities added.

Development of the company’s new energy business is consistent with its energy transformation strategy. CNPC’s new energy, oil, and gas business will account for 50 percent of its total by around 2050, Chairman Dai Houliang said last year. 

Shares of PetroChina [SHA: 601857] ended 1.6 percent lower at CNY5.68 (83 US cents) apiece in Shanghai today. Its Hong Kong-listed stock [HKG: 0857] was off 0.2 percent at HKD4.26 (54 US cents) as of 3.27 p.m. local time.

Editors: Shi Yi, Martin Kadiev