Money Briefs: GIC, Abu Dhabi affiliates fund Indian energy firm

GIC, Abu Dhabi affiliates fund Indian energy firm

SINGAPORE • Greenko Energy Holdings, one of India's main renewable energy firms, yesterday said it has secured US$230 million (S$318 million) in new funds from an entity owned by the Abu Dhabi Investment Authority (Adia) and an affiliate of Singapore wealth fund GIC.

Adia will invest US$150 million while GIC has agreed to invest US$80 million in the business.

"We believe in the long-term growth potential of Greenko and will continue to work with the management to develop the company to be the leading owner and operator of clean energy projects in India," a GIC spokesman said.

REUTERS


China Petrochemical posts record low sales

BEIJING • China Petrochemical Corp, the world's biggest refiner, posted its lowest sales last year since 2010 owing to crude's slump, and mimicked the performance of its main listed unit China Petroleum & Chemical Corp.

Group sales fell 29 per cent to 2.05 trillion yuan (S$423 billion) last year from a year ago, the firm, known as Sinopec Group, said in a report released yesterday. Refining output was 238 million tonnes last year.

The state-owned firm plans to produce up to 13 billion cubic m of shale gas by 2020, and investment in the fuel this year will be similar to last year's spending, official Feng Jianhui said.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on June 08, 2016, with the headline 'Money Briefs'. Print Edition | Subscribe