Oil giants diversify revenue sources

China's three State-owned oil giants have been accelerating efforts in new energy sectors, including solar, hydrogen and wind power, to diversify revenue sources and adapt to a fast-changing global energy landscape.

This is part of the oil giants' efforts to expand their renewable portfolios to hedge against oil price volatility and support China's ambitious energy transition goals, they say.

The companies, collectively known as the "big three", reported stable profits for the first three quarters of 2024 and unveiled significant expansion into renewables like wind, solar, hydrogen and carbon capture, as they navigate an evolving energy landscape.