PetroChina has acquired 100 per cent of electric vehicle (EV) charging firm Potevio New Energy Co in the latest lower-carbon investment by China’s top oil and gas company, parent China National Petroleum Corp (CNPC) said on Friday (Sep 8).

Set up in 2010, Potevio New Energy was among China’s first state-owned companies engaged in EV charging network building and operations.

It ran 50,000 charging points in more than 50 Chinese cities as of end-2021, according to its official WeChat account.

CNPC did not disclose the cost of the acquisition. A PetroChina spokesperson did not immediately respond to a request for comment.

PetroChina last month set up a new entity based in the south-eastern city of Putian in Fujian province, to focus on investing and operating EV charging facilities.

A year ago, PetroChina joined leading Chinese auto group SAIC Motor Corp and battery firm CATL in setting up a joint venture to supply swappable batteries for EVs.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

China’s state energy giants are expanding their investment in low-carbon businesses including renewables, hydrogen and electric mobility as part of the country’s goal to be carbon neutral by 2060. Reuters