Singapore (VNA) – Singapore’s sovereign fund GIC Pte has invested 200 million USD in a geothermal heating company backed by China’s biggest oil refiner, Bloomberg News reported.

The venture, known as Sinopec Green Energy Geothermal Development Co., is considering an initial public offering in mainland China or Hong Kong as soon as next year, Bloomberg quoted insiders as saying. It is currently valued at around 1 billion USD.

Sinopec Green Energy’s shareholders include state-owned energy producer China Petroleum & Chemical Corp., or Sinopec. Its joint-venture partner, Iceland’s Arctic Green Energy Corp., said last week it had raised a 200 million USD funding round dedicated to Sinopec Green Energy, without identifying the investor.

The geothermal district heating provider has a long-term goal to go public but it hasn’t decided when to pursue an IPO, Arctic Green Chairman and founder Haukur Hardarson said in response to Bloomberg News query.

Sinopec Green Energy, founded in 2006, is the world’s largest geothermal district heating company, providing heating to more than 60 cities and counties in China, according to Arctic Green’s website./.