(EnergyAsia, October 30, Friday) — Chinese sovereign wealth fund China Investment Corp is looking to take minority stakes in international infrastructure, resources and energy projects to diversify its US$200 billion investment portfolio.
The company said that the fund is looking for deals in green energy and new technology to help improve electricity transmission efficiency, citing potential targets in India, Mongolia, Pakistan, Africa and Southeast Asia.
CIC’s fund is a part of China’s massive holdings of US$2.1 trillion of foreign exchange reserves. The Chinese government has been increasingly concerned over its large holdings of US bonds and currency, and has been seeking to diversify into hard assets.
Last month, CIC said it paid $949 million for a 11% stake in JSC KazMunaiGas Exploration Production, a subsidiary of Kazakhstan’s main state oil company, KazMunaiGas.
The Kazakhstan company said it is developing 41 oil and gas fields in the country with 1.8 billion barrels of reserves.