New York-based hedge fund Goldman Sachs said it was ready to spend as much as $1 trillion to invest more in China’s oil and gas sector, the Wall Street Journal reported.

The investment fund’s investment will come from its newly formed China Equity Partners fund.

Goldman Sachs also said it would fund some Chinese companies through the fund.

“The investment fund will invest in emerging and established oil and natural gas producers and would also explore the opportunities in China for investment, including shale gas and oil shale,” the company said in a statement.

Goldman also said the fund’s portfolio of Chinese oil and oil-related companies includes BP and Sinopec, which it said is among the world’s largest oil producers.

“This is a significant and long-term commitment,” Goldman said in the statement. Bloomberg