China Steel Giant Marching Toward LNG Business
China’s leading steel giant, China Baowu Steel Group， kicked off its brand new clean energy subsidiary, Baowu Clean Energy Co., Ltd. on November 15. The new company is aiming to establish existing of the group company in the low-carbon and clean energy industry, in particular, the hydrogen energy and LNG business.
As the top steel company in China, Baowu Steel is also the largest industrial natural gas user in the downstream. With magnificent capital power, the company has shown interest in the natural gas sector for a while. Before the initiative of the clean energy subsidiary, Baowu Steel had established several project teams to exert pre-research and survey toward this brand new area, including LNG terminal, natural gas pipeline and natural gas downstream consolidation. It is no doubt that entering a new area is not a problem for a giant aiming to achieve Forbes Global 100 in three years and trillion CNY assets in ten years.
Besides, the new company will also take over Baowu Group’s hydrogen energy business, which already started with a cooperation with PetroChina, Sunlong Bus and Linde Group.
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