China Petroleum establishes a geothermal development company.

The Querystore APP shows that recently, Jiyang Oil Geothermal Development Co., Ltd. was established, with Zhu Zhimin as the legal representative and a registered capital of 53 million yuan. Its business scope includes thermal production and supply; research and development of carbon reduction, carbon conversion, carbon capture, and carbon sequestration technologies; energy management services; and aquaculture. Equity penetration data from Querystore shows that the company is indirectly wholly owned by China Petroleum.