Sinopec sets up first fund targeting new materials, new energy

BEIJING - China's Sinopec set up its first fund with a total size of 5 billion yuan ($732.28 million), the company said in a statement on Tuesday, with an aim to facilitate its green development

* Initiated by Sinopec Capital Co, the fund will focus on industries including new materials, new energy, energy conservation, high-end intelligent manufacturing, artificial intelligence and big data

* The first phase of the fund, at 2 billion yuan, will be invested by National Manufacturing Transformation and Upgrade Fund, Tianjin Haihe River Industry Fund and Foshan City Nanhai Financial Hi-Tech Zone Investment Holding

* China's state energy giants, including Sinopec, have outlined initiatives to invest into clean energy and to reduce emission. The company last month announced its first capital investment in solar.

($1 = 6.8280 Chinese yuan)

(Reporting by Muyu Xu and Chen Aizhu) ((muyu.xu@thomsonreuters.com; +86 10 56692117;))