Li Ka‑shing’s empire continues to pour money into oil even as the world moves toward clean energy. Understanding this strategy helps explain why a billionaire still backs fossil fuels.

According to Reuters, CK Hutchison and a family trust own roughly 29% of Cenovus, which agreed earlier this month to buy Athabasca Oil for C$5.7 billion (US$4 billion). This deal adds to the group’s oil portfolio in Canada.

The article notes that Cenovus is the Li family empire’s main investment in the oil industry, following the C$8.6 billion acquisition of MEG Energy and long‑standing stakes in Husky Energy. These moves show a focus on established oil assets.

Victor Li said “cash is king” and stressed a cautious, balanced approach between new‑ and old‑economy businesses, reaffirming the group’s strategy at the annual general meeting. His comment highlights the importance of liquidity and stability.

The group’s cash and equivalents rose to HKD179 billion ($22.8 billion) at the end of June, up 25% from the end of last year, boosted by major asset sales such as the £10.5 billion sale of U.K. Power Networks. Strong cash reserves give the group flexibility to invest in oil while managing risk.