The chemical producer has formed a fund that will count Hubei Xingfa Chemicals as a limited partner, with new energy, materials and chemicals all on the agenda.

Chemicals, oil and fertiliser conglomerate Sinochem plans to raise RMB1bn ($143m) for a China-based fund targeting new energy, materials, and chemicals for the electronics industry, DealStreetAsia has reported.

Agreements for the fund are still to be formalised. The corporate will begin investing once it has secured 50% of its overall target as a first close, with the other half to be raised over the following 12 months.

Founded in 1950, Sinochem primarily produces refined chemical, fertiliser and oil-based products. About…