China National Petroleum Corporation (CNPC) will invest 150 billion yuan (about 22.3 billion U.S. dollars) in Xinjiang Uygur Autonomous Region by 2020 to boost oil and gas industry and help with poverty relief.
The investment will be used in business operations including oil and gas resources exploration, refineries, sales, storage, finance, and logistics. It will also be used to develop industries to help raise incomes for impoverished people in the region, Wang Yilin, CNPC board chairperson, said at a conference in Urumqi.
Wang said the CNPC now has 15 subsidiaries in Xinjiang and the region has become an important oil and gas production base in China.
Over the last five years, CNPC's various companies have invested 224.7 billion yuan in Xinjiang and created more than 6,200 jobs. About 240 million yuan has been spent to assist in poverty alleviation work in six counties.