Chinese oil and gas giant CNPC has established a low-carbon business arm to be called CNPC Kunlun Capital, according to a report from Argus Media. CNPC Kunlun Capital is to be an investment business, rather than a construction or operations business, though one can see that if certain technologies were developed through its investments, CNPC might be able to employ them in its wider operations. CNPC itself is restructuring into four segments: oil, gas and new energy; refining, sales and new materials; support and service; capital and financing, with the ‘new energy’ component (as well as oil and gas) having synergies with CNPC Kunlun Capital.