Hong Kong’s richest man bets on oil despite global shift toward clean energy
The business empire of Hong Kong’s richest man, Li Ka-shing, is expanding its oil interests as global capital shifts toward clean energy and artificial intelligence, a strategy seen as a hedge against geopolitical risks.
Hong Kong's wealthiest individual, Li Ka-shing, continues to invest in oil despite the global shift towards clean energy. Li's CK Hutchison Holdings owns approximately 29% of Canadian producer Cenovus Energy, which recently agreed to purchase Athabasca Oil for $4 billion. This acquisition follows Cenovus' $8.6 billion purchase of MEG Energy earlier this year.
Tommy Ong, managing director of T.O. & Associates Consultancy, advised that it's prudent not to put all eggs in one basket due to heightened geopolitical risk. Kenny Tang, chairman of the Hong Kong Institute of Financial Analysts and Professional Commentators, stated that the Athabasca acquisition would create synergies in Canada's oil industry.
Li's diversified investments, including a stake in Husky Energy and recent asset sales, have bolstered the group's cash reserves. The U.S.-Israel war on Iran has disrupted global energy supplies and increased demand for oil produced outside the Middle East. Despite the global trend towards clean energy, Li's energy investments provide stable income, according to Tang.
Li Ka-shing's net worth remains $48.4 billion, making him the richest man in Hong Kong and 38th wealthiest in the world.
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