New energy investment group forms

Updated 2017-11-21 10:38:12 Global Times

A new energy investment group was officially established on Monday through a merger of top coal miner Shenhua Group and utility giant China Guodian Corp, news site reported on Monday.

The new company convened a meeting of the senior management team on Monday morning, where Qiao Baoping, former chairman of China Guodian, was named chairman of the new group, according to the report.

The new group, with assets of 1.78 trillion yuan (8.5 billion), will be the fourth-largest energy company in China after China National Petroleum Corp, State Grid Corp of China and Sinopec Group, the report said.

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